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Abstract

Conservation Reserve Program (CRP) contracts take land out of production for at least ten years, hindering production flexibility in exchange for a guaranteed annual payment. This article analyzes the question of whether having a CRP contract on a parcel of land changes that parcel’s value by employing a hedonic model using data from 2005-2014 on agricultural land sales in Kansas. Results indicate CRP contracts reduce sale price by an average of 11 percent. However, the reduction in sale price is larger in periods of high farm profitability and smaller in periods of low farm profitability.

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