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Abstract

Estimates for the asset value of agricultural land come from direct elicitation of farm operators' own assessment of the value of their land. We use data from actual sales transactions to evaluate the extent to which these estimates accurately correspond to the observed market value, or sale price, of land at the county level. We form a short panel at the county-level and compute the difference between the average sales price and the value of land to estimate a county-level fixed effects model. We find that increasing temperatures exacerbates the difference, while increasing population has the opposite relationship.

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