Abstract
Under the null hypothesis that 3so = 3co, 3si = Icl, and p3q = 0 in Roche's equations (2)-(4), the model reduces to a simple fads model in which the change in farmland price is a linear function of the lagged level of the nonfundamental component of price plus a serially independent error term. Using FL's measures of farmland price and its nonfundamental component, Roche conducts a likelihood ratio test of the fads null hypothesis. The likelihood ratio statistic is con-
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