Modeling the effect of off-farm income on farmland values: A quantile regression approach

► The study investigates the impact of off-farm income on farmland values. ► In addition the study also investigates impact of farm policy on farmland values. ► Quantile regression is used to account for heterogeneity in valuation of farmland. ► Findings show that off-farm income significantly increases the value of farmland. ► Impact of off-farm income on farmland varies across quantiles.