Abstract
Most studies of the effects of farm program payments on land prices attempt to measure that impact directly, generally through a capitalization model that links land prices with expected rents and government payments. The paper by Gordon, Mishra, and Ortalo-Magne falls into this category. The second two papers take a different tack by trying to measure the effects of subsidy programs on cash rents, based on the logic that farm programs influence land prices through their impact on expected land rents. The first paper has a bold title: What's Wrong with our Models of Agricultural Land Values? Of the three papers presented, I like this one the best because it addresses a fun-
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