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한국 농지의 옵션가치와 농지가격Option Values and Price of Agricultural Land in Korea

Other Titles
Option Values and Price of Agricultural Land in Korea
Authors
권오상박호정
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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College of Life Sciences and Biotechnology > Department of Food and Resource Economics > 1. Journal Articles

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