Hedonic Estimation Applied To The Farmland Market In Georgia
AbstractFarmland offered for its productive or consumptive value may be viewed as a class of goods characteristic of product differentiation. Using the generalized Box-Cox transformation, an unrestricted hedonic model was employed to derive implicit valuations of parcel attributes. Results suggest that the significance and level of importance of attributes on land pricing depends on the spatial extent of markets in Georgia. Differences in the productive or consumptive use of farmland may imply that different factors and functional forms are appropriate to different farmland markets.
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Bibliographic InfoArticle provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.
Volume (Year): 26 (1994)
Issue (Month): 02 (December)
Farmland prices; Functional form; Hedonic pricing; Land Economics/Use;
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