Abstract
Based on a theoretical formulation of land price formation as an economic rent to a fixed input, a single equation econometric model is specified and estimated to explain land prices in five Iowa crop reporting districts. It identifies the influence of farm prices, inflationary pressures, and land quality on the price of land. The determinants of farm land prices have been the subject of considerable research in agricultural economics [Wallace; Twee ten and Martin; Herdt and Cochrane; Reynolds and Timmons]. Much work was concentrated in the 1960s, but the rapid land appreciation experienced in the last decade has contributed to a resurgence of interest [Harris; Pope et al; Brake and Melichar; Melichar; Reinsel and Reinsel]. Indeed, land values in the United States tripled in the 1970's.
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