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Multivariate Procedures For Identifying Rural Land Submarkets

Author

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  • Kennedy, Gary A.
  • Henning, Steven A.
  • Vandeveer, Lonnie R.
  • Dai, Ming

Abstract

Research has developed empirical models and procedures for analyzing factors which influence rural land markets; however, there have been limited efforts in developing procedures for identifying rural land submarkets. Principal component analysis is used here to detect the presence of multiple rural land submarkets. Cluster analysis is then used as a basis for identifying eight contiguous rural land submarkets in Louisiana. As opposed to single-attribute procedures that have been based largely on subjective judgment, multivariate procedures illustrated in this analysis provide a means for capturing the combined effects of physical and socioeconomic influences in delineating rural land submarkets.

Suggested Citation

  • Kennedy, Gary A. & Henning, Steven A. & Vandeveer, Lonnie R. & Dai, Ming, 1997. "Multivariate Procedures For Identifying Rural Land Submarkets," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 29(2), pages 1-11, December.
    • Handle: RePEc:ags:joaaec:15066
    DOI: 10.22004/ag.econ.15066
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    References listed on IDEAS

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    1. Clifton, Ivery D. & Spurlock, Stanley R., 1983. "Analysis Of Variations In Farm Real Estate Prices Over Homogeneous Market Areas In The Southeast," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 15(1), pages 1-8, July.
    2. Clifton, Ivery D. & Spurlock, Stan B., 1983. "Analysis of Variations in Farm Real Estate Prices Over Homogeneous Market Areas in the Southeast," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 15(1), pages 89-96, July.
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    Cited by:

    1. Reyes-Bueno, Fabián & García-Samaniego, Juan Manuel & Sánchez-Rodríguez, Aminael, 2018. "Large-scale simultaneous market segment definition and mass appraisal using decision tree learning for fiscal purposes," Land Use Policy, Elsevier, vol. 79(C), pages 116-122.

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    1. Kennedy, Gary A. & Henning, Steven A. & Vandeveer, Lonnie R., 1995. "Rural Land Values And Tenure Arrangements In Louisiana," DAE Research Reports 31662, Louisiana State University, Department of Agricultural Economics and Agribusiness.
    2. Reyes-Bueno, Fabián & García-Samaniego, Juan Manuel & Sánchez-Rodríguez, Aminael, 2018. "Large-scale simultaneous market segment definition and mass appraisal using decision tree learning for fiscal purposes," Land Use Policy, Elsevier, vol. 79(C), pages 116-122.
    3. Walpole, Sandra C. & Lockwood, Michael, 1999. "Influence of remnant native vegetation on rural land values: a hedonic pricing application," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 125032, Australian Agricultural and Resource Economics Society.
    4. Henning, Steven A. & Vandeveer, Lonnie R. & Kennedy, Gary A. & Green, Shane, 1996. "Louisiana Rural Land Values And Tenure Arrangements," AEA Information Series 31676, Louisiana State University, Department of Agricultural Economics and Agribusiness.

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    Keywords

    Land Economics/Use;

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