한국 농지의 옵션가치와 농지가격Option Values and Price of Agricultural Land in Korea
- Other Titles
- Option Values and Price of Agricultural Land in Korea
- Authors
- 권오상; 박호정
- Issue Date
- 2009
- Publisher
- 한국농식품정책학회
- Keywords
- Land Value; Uncertainty; Agricultural Income; Real Option
- Citation
- 농업경영.정책연구, v.36, no.1, pp.100 - 116
- Indexed
- KCI
- Journal Title
- 농업경영.정책연구
- Volume
- 36
- Number
- 1
- Start Page
- 100
- End Page
- 116
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/121637
- ISSN
- 1229-9154
- Abstract
- This paper analyzes agricultural land option values in Korea. Conventional approach to valuing land such as the present value model tends to misrepresent land price observed since it dismisses the option values for land sales. A real option approach with a random walk of the agricultural revenue is presented to analyze a farmer's land purchase decision. The resultant solution with optimal threshold for land purchases is empirically analyzed. Numerical solution using the Gyongbuk local data supports the existence of option values prevalent in land prices.
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Collections - College of Life Sciences and Biotechnology > Department of Food and Resource Economics > 1. Journal Articles
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