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Abstract
Asymmetric information and learning contribute a significant impact on the value of enrolled land. In some regions values may have increased as much as $130 per acre with nationwide averages of $65 per acre. For the average value of all U.S. farmland the program may have offset an 8.5% decline in land values for 1986-87 by 0.5 percentage resulting in a measured decline of 8% for the year.