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Measuring the Contributions of Site Characteristics to the Value of Agricultural Land

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  • Feng Xu
  • Ron C. Mittelhammer
  • Paul W. Barkley

Abstract

This study examines the effects of different combinations and qualities of selected site characteristics on the value of agricultural land in six substate regions in Washington State. The analysis follows the general hedonic regression form, but incorporates nonnegativity constraints on the models. This, coupled with an adaptation of Bierens's conditional moment test, yields consistent results showing (a) land value is a function of site characteristics, (b) land markets in Washington State are highly regional, (c) parsimonious empirical models can provide adequate representations of expected land values, and (d) nonnegative truncation is a valuable procedure in hedonic models.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 69 (1993)
Issue (Month): 4 ()
Pages: 356-369

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Handle: RePEc:uwp:landec:v:69:y:1993:i:4:p:356-369

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Web page: http://le.uwpress.org/

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Cited by:
  1. Philip Kostov & Myles Patton & Seamus McErlean, 2008. "Nonparametric analysis of the influence of buyers' characteristics and personal relationships on agricultural land prices," Agribusiness, John Wiley & Sons, Ltd., vol. 24(2), pages 161-176.
  2. Arthur Grimes & Andrew Aitken, 2008. "Water, Water Somewhere: The Value of Water in a Drought-Prone Farming Region," Working Papers 08_10, Motu Economic and Public Policy Research.
  3. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.
  4. Bell, Kathleen P. & Irwin, Elena G., 2002. "Spatially explicit micro-level modelling of land use change at the rural-urban interface," Agricultural Economics, Blackwell, vol. 27(3), pages 217-232, November.
  5. Savage, Jeffrey & Ifft, Jennifer, 2013. "Does Pumping Pay: Groundwater Management Institutions and Cropland Values in Nebraska?," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150581, Agricultural and Applied Economics Association.
  6. De Vijlder, Nicolas, 2012. "A macroeconomic analysis of the land market in the count of Flanders and the duchy of Brabant. (fifteenth and sixteenth century)," MPRA Paper 39283, University Library of Munich, Germany.
  7. Ma, Shan & Swinton, Scott M., 2011. "Valuation of ecosystem services from rural landscapes using agricultural land prices," Ecological Economics, Elsevier, vol. 70(9), pages 1649-1659, July.
  8. Latruffe , Laure & Ay, Jean-Sauveur, 2013. "The Empirical Content of the Present Value Model: A survey of the instrumental uses of farmland prices," Factor Markets Working Papers 165, Centre for European Policy Studies.
  9. 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.
  10. 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.
  11. Mishra, Ashok K. & Moss, Charles B., 2013. "Modeling the effect of off-farm income on farmland values: A quantile regression approach," Economic Modelling, Elsevier, vol. 32(C), pages 361-368.
  12. Merry, Frank & Amacher, Gregory & Lima, Eirivelthon, 2008. "Land Values in Frontier Settlements of the Brazilian Amazon," World Development, Elsevier, vol. 36(11), pages 2390-2401, November.
  13. Temel, Tugrul, 2011. "The formation of offer prices in farmland markets: A hedonic price approach," MPRA Paper 31921, University Library of Munich, Germany.
  14. Reed, L.L. & Kleynhans, Theo E., 2009. "Agricultural land purchases for alternative uses – evidence from two farming areas in the Western Cape province, South Africa," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 48(3), September.

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