IDEAS home Printed from https://ideas.repec.org/a/cup/jagaec/v26y1994i02p351-366_02.html
   My bibliography  Save this article

Hedonic Estimation Applied to the Farmland Market in Georgia

Author

Listed:
  • Elad, R.L.
  • Clifton, I.D.
  • Epperson, J.E.

Abstract

Farmland 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.

Suggested Citation

  • Elad, R.L. & Clifton, I.D. & Epperson, J.E., 1994. "Hedonic Estimation Applied to the Farmland Market in Georgia," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 26(2), pages 351-366, December.
    • Handle: RePEc:cup:jagaec:v:26:y:1994:i:02:p:351-366_02
    as

    Download full text from publisher

    File URL: https://www.cambridge.org/core/product/identifier/S1074070800026286/type/journal_article
    File Function: link to article abstract page
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    2. Moore, Kevin C., 1987. "Modeling The United States Farmland Market: A Test Of The Rational Expectations Hypothesis," 1987 Annual Meeting, August 2-5, East Lansing, Michigan 269943, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Miranowski, John & Hammes, B., 1984. "Implicit Prices of Soil Characteristics for Farmland in Iowa," Staff General Research Papers Archive 10706, Iowa State University, Department of Economics.
    4. John A. Miranowski & Brian D. Hammes, 1984. "Implicit Prices of Soil Characteristics for Farmland in Iowa," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(5), pages 745-749.
    5. Richard W. Dunford & Carole E. Marti & Ronald C. Mittelhammer, 1997. "A Case Study of Rural Land Prices at the Urban Fringe Including Subjective Buyer Expectations," Land Economics, University of Wisconsin Press, vol. 62(1), pages 10-16.
    6. Freeman, A Myrick, III, 1979. " Hedonic Prices, Property Values and Measuring Environmental Benefits: A Survey of the Issues," Scandinavian Journal of Economics, Wiley Blackwell, vol. 81(2), pages 154-173.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kennedy, Gary A. & Henning, Steven A. & Vandeveer, Lonnie R. & Dai, Ming, 1997. "An Empirical Analysis Of The Louisiana Rural Land Market," Station Bulletins 31682, Louisiana State University, Department of Agricultural Economics and Agribusiness.
    2. Nur Hafizah Ismail & Mohd Zaini Abd Karim & Bakti Basri, 2016. "Flood and Land Property Values," Asian Social Science, Canadian Center of Science and Education, vol. 12(5), pages 1-84, May.
    3. Xu, Feng & Mittelhammer, Ron C. & Barkley, Paul W., 1991. "The Effects Of Parcel Characteristics On The Value Of Agricultural Land In Washington State," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271078, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Phoebe Koundouri, 2004. "Current Issues in the Economics of Groundwater Resource Management," Journal of Economic Surveys, Wiley Blackwell, vol. 18(5), pages 703-740, December.
    5. Marcelo Caffera & Felipe Vásquez & Daniel Rodríguez & Leonidas Carrasco-Letelier & José Ignacio Hernández & Mariela Buonomo, 2019. "Spatial Spillovers in the Implicit Market Price of Soil Erosion: An Estimation using a Spatio-temporal Hedonic Model," Documentos de Trabajo/Working Papers 1909, Facultad de Ciencias Empresariales y Economia. Universidad de Montevideo..
    6. Hussain, Anwar & Munn, Ian A. & Loden, Emily K. & Grado, Stephen C. & Jones, Daryl W., 2005. "Factors Influencing Lease Revenue and Non-industrial Landowners' Willingness to allow Hunting Access," 2005 Annual meeting, July 24-27, Providence, RI 19326, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Choumert, Johanna & Phélinas, Pascale, 2015. "Determinants of agricultural land values in Argentina," Ecological Economics, Elsevier, vol. 110(C), pages 134-140.
    8. Ervin, David E. & Mill, John W., 1985. "Agricultural Land Markets and Soil Erosion: Policy Relevance and Conceptual Issues," 1985 Annual Meeting, August 4-7, Ames, Iowa 278510, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    9. Lautrup, M. & Panduro, T.E. & Olsen, J.V. & Pedersen, M.F. & Jacobsen, J.B., 2023. "Is there more to trees than timber? Estimating the private amenity value of forests using a hedonic land model for combined agricultural properties," Forest Policy and Economics, Elsevier, vol. 146(C).
    10. Czyżewski, Bazyli & Trojanek, Radosław, 2016. "Drivers of agricultural land prices in terms of different functions of rural areas in Poland," Problems of Agricultural Economics / Zagadnienia Ekonomiki Rolnej 249742, Institute of Agricultural and Food Economics - National Research Institute (IAFE-NRI).
    11. 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.
    12. Tsoodle, Leah J. & Featherstone, Allen M. & Golden, Bill B., 2005. "Estimating the Market Value of Agricultural Land in Kansas Using a Combination of Hedonic and Negative Exponential Techniques," 2005 Agricultural and Rural Finance Markets in Transition, October 3-4, 2005, Minneapolis, Minnesota 132763, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
    13. Palmquist, Raymond B. & Danielson, Leon E., 1987. "An Hedonic Study Of The Effects Of Erosion Control And Drainage On Farmland Values," Department of Economics and Business - Archive 259424, North Carolina State University, Department of Economics.
    14. Brockmeier, M., 1991. "Entwicklung und Aufhebung von Reinheitsgeboten im Nahrungsmittelbereich – Analyse und Bewertung," Proceedings “Schriften der Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V.”, German Association of Agricultural Economists (GEWISOLA), vol. 27.
    15. Sanglim Yoo & John E. Wagner, 2016. "A review of the hedonic literatures in environmental amenities from open space: a traditional econometric vs. spatial econometric model," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 20(1), pages 141-166, March.
    16. David Maddison, 2009. "A Spatio‐temporal Model of Farmland Values," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(1), pages 171-189, February.
    17. Lambert, David & Shultz, Steven, 1999. "Implicit Prices of CRP Enrollments, Wetlands, and Soil Quality in North Dakota," Western Region Archives 321699, Western Region - Western Extension Directors Association (WEDA).
    18. Ay, Jean-Sauveur & Latruffe, Laure, 2013. "The Empirical Content of the Present Value Model: A survey of the instrumental uses of farmland prices," Working papers 157112, Factor Markets, Centre for European Policy Studies.
    19. Allali Khalil, 2004. "Environmental Services, Externalities and Agriculture: The Case of Mountain Tourism in Morocco," The Electronic Journal of Agricultural and Development Economics, Food and Agriculture Organization of the United Nations, vol. 1(1), pages 63-86.
    20. Prasad Neelawala & Clevo Wilson & Wasantha Athukorala, 2013. "The impact of mining and smelting activities on property values: a study of Mount Isa city, Queensland, Australia," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 57(1), pages 60-78, January.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cup:jagaec:v:26:y:1994:i:02:p:351-366_02. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kirk Stebbing (email available below). General contact details of provider: https://www.cambridge.org/aae .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.