| 초록 |
We investigate factors influencing farmers' farmland leasing and renting behavior using a panel dataset obtained from "Farm Household Economy Survey (1997-2002)". A special attention is given to the effects of rice price on the demand and supply of farmland rental markets. A random effect Tobit model is estimated to account for a censoring feature of individual farmland rental demand and supply. We found that (i) farmland rental supply (demand) at time t+1 is positively (negatively) related to the rent at time t; (ii) price elasticity of farmland rental supply is bigger than that of farmland rental demand; and (iii) the effects of rice price on farmland rental supply is estimated to be more significant compare to farmland rental demand.
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