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Factors Influencing Illinois Farmland Values

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  • Haixiao Huang
  • Gay Y. Miller
  • Bruce J. Sherrick
  • Miguel I. G�mez
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    Abstract

    A hedonic model of Illinois farmland values is estimated using county-level cross-section time-series data. Explanatory variables include land productivity, parcel size, improvements, distances to Chicago and other large cities, an urban-rural index, livestock production through swine operation scale and farm density measures, population density, income, and inflation. The inclusion of spatial and serial correlation components substantially improves the model fit. Farmland values decline with parcel size, ruralness, distance to Chicago and large cities, and swine farm density, and increase with soil productivity, population density, and personal income. Copyright 2006, Oxford University Press.

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    Bibliographic Info

    Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

    Volume (Year): 88 (2006)
    Issue (Month): 2 ()
    Pages: 458-470

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    Handle: RePEc:oup:ajagec:v:88:y:2006:i:2:p:458-470

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    Cited by:
    1. Baylis, Katherine R. & Paulson, Nicholas D. & Piras, Gianfranco, 2011. "Spatial Approaches to Panel Data in Agricultural Economics: A Climate Change Application," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(03), August.
    2. Adam Arsenault & James Nolan & Richard Schoney & Donald Gilchrist, 2012. "Outstanding in the Field: Evaluating Auction Markets for Farmland Using Multi-Agent Simulation," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 15(1), pages 11.
    3. Feichtinger, Paul & Salhofer, Paul, 2013. "A Spatial Analysis of Agricultural Land Prices in Bavaria," Factor Markets Working Papers 162, Centre for European Policy Studies.
    4. Feichtinger, Paul & Salhofer, Klaus, 2013. "A Spatial Analysis of Agricultural Land Prices in Bavaria," Working Papers 160741, Factor Markets, Centre for European Policy Studies.
    5. Guiling, Pam & Brorsen, B. Wade & Doye, Damona G., 2007. "How Much Influence Does Recreation Have on Agricultural Land Values?," 2007 Annual Meeting, February 4-7, 2007, Mobile, Alabama 34947, Southern Agricultural Economics Association.
    6. Huttel, Silke & Jetzinger, Simon & Odening, Martin, 2012. "Forced Sales and Farmland Prices," Structural Change in Agriculture/Strukturwandel im Agrarsektor (SiAg) Working Papers 129063, Humboldt University Berlin, Department of Agricultural Economics.
    7. 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.
    8. Borchers, Allison & Ifft, Jennifer & Kuethe, Todd, 2013. "Linking the Price of Agricultural Land to Use Values and Amenities," 2014 Allied Social Science Association (ASSA) Annual Meeting, January 3-5, 2014, Philadelphia, PA 161651, Agricultural and Applied Economics Association.
    9. Zhang, Wendong & Irwin, Elena G. & Nickerson, Cynthia J., 2012. "The Expanding Ethanol Market and Farmland Values: Identifying the Changing Influence of Proximity to Agricultural Delivery Points," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124690, Agricultural and Applied Economics Association.
    10. Thibodeau, David R. & Clark, J. Stephen, 2009. "Government support, transfer efficiency, and moral hazard within heterogeneous regions in Canadian Agriculture," 2009 Conference, August 16-22, 2009, Beijing, China 51806, International Association of Agricultural Economists.
    11. Dachary-Bernard, Jeanne & Rambonilaza, Tina & Lemarié-Boutry, Marie, 2014. "The response of land markets to flood protection and flood experience: a hedonic price modeling on the Gironde estuary (France)," 88th Annual Conference, April 9-11, 2014, AgroParisTech, Paris, France 169761, Agricultural Economics Society.
    12. Blank, Steven C. & Erickson, Kenneth W. & Nehring, Richard F. & Hallahan, Charles B., 2006. "Agricultural Profits and Farm Household Wealth: A Farm-level and Cross-sectional Analysis," 2006 Annual meeting, July 23-26, Long Beach, CA 21436, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Cotteleer, Geerte & Stobbe, Tracy & van Kooten, G. Cornelis, 2008. "Expert Opinion Versus Transaction Evidence: Using The Reilly Index To Measure Open Space Premiums In The Urban-Rural Fringe," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6705, European Association of Agricultural Economists.
    14. Holloway, Garth J. & Lacombe, Donald J. & LeSage, James P., 2006. "Spatial Econometric Issues for Bio-Economic and Land-Use Modeling," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25525, International Association of Agricultural Economists.
    15. Wang, Haoying, 2013. "The Spatial Structure of Farmland Values: A Semiparametric Approach," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150330, Agricultural and Applied Economics Association.
    16. Jeanne DACHARY-BERNARD (UR ADBX, CEMAGREF) & Sandrine LYSER (UR ADBX, CEMAGREF) & Frédéric GASCHET (GREThA, CNRS, UMR 5113) & Guillaume POUYANNE (GREThA, CNRS, UMR 5113) & Stéphane VIROL (GREThA, C, 2011. "Real Estate and Land Values on the shoreline: a transaction-level analysis (In French)," Cahiers du GREThA 2011-07, Groupe de Recherche en Economie Théorique et Appliquée.
    17. 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.
    18. Schilling, Brian J. & Sullivan, Kevin P. & Duke, Joshua M., 2013. "Do Residual Development Options Increase Preserved Farmland Values?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 38(3), December.

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