This paper analyses farmland price formation under investors’ increased demand in the Czech Republic from 2008 to 2014. We adopt a stochastic metafrontier approach to hedonic price modelling and investigate the relative differences in farm and investor pricing. Our results provide evidence of buyer group-specific land valuations, asymmetric price dispersions and their temporal changes. These changes reflect the developments of market microstructures and market-supporting institutions induced by buyer competition. While initially significantly lower due to high market and bargaining power, prices paid by corporate/cooperative farms converged with high-level investor prices over time. Individual and family farms were largely unable to compete at the new price levels.

中文翻译：

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投资者对捷克农田价格的影响：微观结构分析

本文分析了捷克共和国在2008年至2014年投资者需求增加的情况下的农田价格形成。我们采用随机元前沿方法对享乐主义价格进行建模，并研究农场和投资者价格的相对差异。我们的结果提供了针对特定购买者群体的土地估价，不对称的价格离散及其时间变化的证据。这些变化反映了买方竞争引起的市场微观结构和市场支持机构的发展。尽管最初由于高市场和议价能力而大大降低，但随着时间的推移，公司/合作农场支付的价格与高水平的投资者价格趋于一致。个人农场和家庭农场基本上无法以新价格竞争。