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Testing for regional convergence of agricultural land prices |
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| Affiliation: | 1. Univ. de Buenos Aires, Facultad de Agronomía and Consejo Nacional de Investigaciones Científicas y Técnicas, Buenos Aires, Argentina;2. Argonne National Laboratory, Decision and Information Science Division, USA;3. Universidad de Buenos Aires, Facultad de Ingeniería, Buenos Aires, Argentina;4. University of Miami, Rosenstiel School of Marine & Atmospheric Science, Miami, USA;2. Texas A&M University, College Station, TX, USA;1. Narodowy Bank Polski, Swietokrzyska Street 11/21, 00-919, Warsaw, Poland;2. Department of Econometrics, Faculty of Economics and Sociology, University of Lodz, Poland |
| Abstract: | The focus of this paper is on spatial market integration in agricultural land markets. We scrutinize the applicability of the law of one price to land markets and distinguish between absolute and relative versions of this “law”. Panel data unit root and stationarity tests are applied to land sale prices in the German state Lower Saxony. Three main clusters with different price developments are detected. Our results indicate that the law of one price holds only locally due to structural differences among regions. |
| Keywords: | Agricultural land market Law of one price Spatial price convergence |
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