Agricultural, recreational and urban influences on agricultural land prices
AbstractPurpose – This paper aims to determine the effects of agricultural, recreational and urban variables on Oklahoma land prices. Design/methodology/approach – An econometric model is estimated using price of agricultural land parcels as the dependent variable and independent variables representing agricultural, recreational and urban uses. Recreational variables include county-level recreational income from Agricultural Census data as well as deer harvest for each county. Urban variables are functions of population and income for each county. The agricultural variables include rainfall as well as crop returns for cropland and cattle prices for pasture. Findings – Agricultural variables are the most important, followed by urban and then recreational variables. Transaction prices are higher than commonly used land-value survey data. The major recreational variable is deer harvest, which is more important in small tracts. The value of pasture is now greater than cropland. Small tract sizes receive substantial premiums. Research limitations/implications – Agriculture is still an important part of the Oklahoma economy, so the findings might differ in more densely populated states. As with most econometric models, there are possible biases due to errors in measurement or missing explanatory variables. Practical implications – The paper provides information that could be used by those wanting to estimate land value or wanting to manage land to increase its value. Originality/value – The paper differs from previous work in both variables considered and the data used. Also, most previous work has not as directly addressed the issue of the relative importance of agricultural, recreational and urban variables.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Emerald Group Publishing in its journal Agricultural Finance Review.
Volume (Year): 69 (2009)
Issue (Month): 2 (July)
Contact details of provider:
Web page: http://www.emeraldinsight.com
Postal: Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Zakrzewicz, Christopher J. & Brorsen, B. Wade & Briggeman, Brian C., 2011.
"Comparison of Alternative Sources of Farmland Values,"
2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania
103758, Agricultural and Applied Economics Association.
- Christopher Zakrzewicz & B. Wade Brorsen & Brian C. Briggeman, 2012. "Comparison of alternative sources of farmland values," Agricultural Finance Review, Emerald Group Publishing, vol. 72(1), pages 68-86, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Louise Lister).
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.