@article{Maart:103693,
      recid = {103693},
      author = {Maart, Syster Christin and Musshoff, Oliver},
      title = {Optimal Timing of Farmland Investment - An Experimental  Study on Farmers' Decision Behavior -},
      address = {2011},
      number = {321-2016-11051},
      pages = {26},
      year = {2011},
      note = {Replaced with revised version of paper 5/26/11.},
      abstract = {Optimal timing of farmland investment represents  fundamental decisions for agricultural entrepreneurs. It is  known that the land price value is significantly higher  than the expected present value of expected future gains.  In this paper we experimentally analyze the investment  behavior of real farmers and contrast the observed  investment decisions with theoretical benchmarks of the  classical investment theory and the Real Options Approach.  Furthermore, we investigate framing effects. Our results  show that the framing of the investment situation has no  significant influence on the decision behavior in the  experiment. Moreover, the investment behavior of farmers  approximates the predictions of the Real Options Approach  if they are given an equitable chance to learn from  personal experience.},
      url = {http://ageconsearch.umn.edu/record/103693},
      doi = {https://doi.org/10.22004/ag.econ.103693},
}