The impact of the European Union common agricultural policy direct payments on land prices has received substantial attention in recent years, leading to heterogeneous evidence of capitalisation for both coupled and decoupled payments. In this paper, we provide an extensive review of the empirical works addressing this issue econometrically and compare their results through a Bayesian meta-regression model, focussing on the impact of decoupling and its implementation schemes. We find that the introduction of decoupled payments increased the capitalisation rate, although the extent of this increment hinges on the implementation scheme adopted by the member state.

中文翻译：

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CAP直接支付对土地价格的资本化分析

近年来，欧盟共同农业政策直接支付对土地价格的影响受到了广泛关注，导致耦合支付和脱钩支付的资本化证据不同。在本文中，我们对在计量经济学上解决该问题的实证工作进行了广泛的回顾，并通过贝叶斯元回归模型比较了它们的结果，重点关注了脱钩及其实施方案的影响。我们发现，解耦支付的引入提高了资本化率，尽管这种增加的程度取决于成员国采用的实施方案。