A model of "tax-free" exchange of farmland

This study considers the alternatives available for transferring agricultur al property on the urban periphery. The model examines the conditions under which market participants sell or exchange farmland. Contrary to popular o pinion, we find that simultaneous exchanges are still feasible in the prese nce of delayed exchanges, particularly when the relinquished property is ve ry large. The model also explains the observed phenomenon that the sellers of agricultural property get replacement properties of lesser market value in exchanges.