Value of agricultural land as natural resource

Drašković, Božo and Minović, Jelena (2018) Value of agricultural land as natural resource. In: Sustainable growth and development in small open economies. Institute of World Economics; Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, Budapest, pp. 40-56. ISBN 978-963-301-663-3

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Abstract

For some of the natural resources, productive economic use in the function of development is conditioned by monetary investments and technological innovations. The change of ownership rights over natural resources, especially agricultural land as a natural capital asset is specific, because natural resources represent the national wealth of the countries in which they are located. This paper presents the approach by which the market prices of agricultural land are formed indirectly on the basis of the volatility of market prices of the products arising from the exploitation of natural capital assets. The paper contains the empirical analysis of the prices of agricultural land in Serbia. Protected natural resources, as special forms of natural capital assets, do not have market value, and indirect evaluation is based on hedonistic models as well as the expenditure models to cover the costs of protection and readiness to pay for the maintenance of biodiversity.

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