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A Spatio-temporal Model of Farmland Values

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  • David Maddison

Abstract

Despite the fact that data on farm sales are invariably collected over both time and space, previous papers have allowed for the presence of either temporal or spatial relationships in the data, but not both. Some papers have also inadvertently assumed that although farmland values are influenced by prices realised by nearby sales, these sales need not necessarily be comparable in terms of their attributes. Using data on sales of farmland obtained through public auctions in England and Wales, this paper examines the consequences of explicitly allowing for the presence of a spatio-temporal lag in the estimation of hedonic models of farmland value. The results indicate that spatio-temporally lagged values of the dependent and independent variables contribute significant additional explanatory power. Accounting for spatio-temporal relationships appears moreover to somewhat alter the perceived size and statistical significance of key farmland attributes. Copyright (c) 2008 The Author. Journal compilation (c) 2008 The Agricultural Economics Society.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Agricultural Economics.

Volume (Year): 60 (2009)
Issue (Month): 1 ()
Pages: 171-189

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Handle: RePEc:bla:jageco:v:60:y:2009:i:1:p:171-189

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Cited by:
  1. Geoffrey Hewings & Jae Hong Kim, 2011. "An Application of the Disequilibrium Adjustment Framework to Small Area Forecasting and Impact Analysis," ERSA conference papers ersa11p1839, European Regional Science Association.
  2. Carlo Fezzi & Ian Bateman, 2013. "The Impact of Climate Change on Agriculture: Nonlinear Effects and Aggregation Bias in Ricardian Models of Farm Land Values," Working Papers 2013.94, Fondazione Eni Enrico Mattei.
  3. Cotteleer, Geerte & van Kooten, G. Cornelis, 2012. "Expert opinion versus actual transaction evidence in the valuation of non-market amenities," Economic Modelling, Elsevier, vol. 29(1), pages 32-40.
  4. Polyakov, Maksym & Pannell, David J. & Pandit, Ram & Tapsuwan, Sorada & Park, Geoff, 2012. "Valuing environmental assets on rural lifestyle properties," Working Papers 126941, University of Western Australia, School of Agricultural and Resource Economics.

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