Abstract

Per acre prices of agricultural land increase as parcel sizes decrease. The puzzle is why all agricultural land is not sold in small parcels. Small parcels tend to be close to residential areas and close to quality roads. The small parcel premium lessens as parcels are more distant from urban areas. This suggests that much of the small parcel premium is due to parcels being purchased based on nonagricultural use values. Thus, an explanation of the small parcel premium puzzle is that land with low nonagricultural use values may not have a small parcel premium.

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Additional Information

ISSN
1543-8325
Print ISSN
0023-7639
Pages
pp. 572-585
Launched on MUSE
2015-07-13
Open Access
No
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