Implicit Prices of Soil Characteristics for Farmland in Iowa

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1984-12-01
Authors
Miranowski, John
Hammes, Brian
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Miranowski, John
Professor Emeritus
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Economics

The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).

History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.

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1898–present

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  • Department of Economic Science (1898–1910)
  • Department of Economics and Political Science (1910-1913)
  • Department of Applied Economics and Social Science (1913–1924)
  • Department of Economics, History and Sociology (1924–1931)
  • Department of Economics and Sociology (1931–1967)

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Abstract

Arguments have long persisted that purchasers pay too much for poor land (i.e., less productive, more erosive) relative to the higher quality counterpart. In other words, purchasers are either irrational or poorly in- formed relative to the differences in land productivity between poor and good farmland. Similar arguments have been advanced concerning the willingness-to-pay rent on the part of tenant operators.

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This article is from American Journal of Agricultural Economics, Dec 1984, 66(5); 745-749.

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