Abstract: The news of land-lost farmers cultivating the green space in the resettlement community is frequently seen in the newspapers, which has become a big problem of community governance. Based on this, this study put forward the conception of custom value of farmland. Using the double-bound dichotomous contingent value method to design a questionnaire, and taking land-expropriated peasantsin Haikou Changliu town and Lingshan town as samples, The methods of random utility model and multi-kind Logit model are applied in this paper to measure the custom value of farmland. The results show that the farmland has the function of carrying the peasants’ farming labor habit, and the value of this function is called custom value of farmland. The complete land expropriation will lead to the welfare loss of the value. Age and the emotion of farmland have significant positive influences on custom value; the educational level and occupation type have negative positive influences on custom value. 83.5% respondents have the willingness to pay. The average willingness to pay for custom value of the two towns is 51.62 yuan per household, with a total value of 7.99 million yuan. Hence, relevant departments in the process of land expropriation should not only pay attention to the compensation for the visible loss of land-lost peasants, but also take targeted measures to help them adapt to the sudden change of living habits quickly and effectively.

Key words: farmland, custom value, willingness to pay, random utility model, multi-kind Logiit model