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Price Formation in Farm Land Markets

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  • David A. King
  • J. A. Sinden
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    Abstract

    Four models of price formation, incorporating search and bargaining concepts, were specified for an Australian farm land market. The models were estimated using primary data obtained from land buyers. A sequential, four-equation model of buyer/seller behavior was selected as conceptually superior. Substantively, final prices were closer to buyers' bid prices than sellers' offer prices; buyers valued soil conservation and proximity to town more highly, and property productivity and size less highly, than the sellers; and market information had a positive influence on price. In this area, education may be preferable to subsidies for achieving soil conservation.

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    Bibliographic Info

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

    Volume (Year): 70 (1994)
    Issue (Month): 1 ()
    Pages: 38-52

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    Handle: RePEc:uwp:landec:v:70:y:1994:i:1:p:38-52

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

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    Cited by:
    1. Cotteleer, Geerte & Gardebroek, Cornelis, 2006. "Bargaining and market power in a GIS-based hedonic pricing model of the agricultural land market," 2006 Annual meeting, July 23-26, Long Beach, CA, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21255, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Odening, Martin & Jetzinger, Simon & Huettel, Silke, 2013. "Forced Sales and Farmland Prices," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C., Agricultural and Applied Economics Association 150274, Agricultural and Applied Economics Association.
    3. 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, Journal of Artificial Societies and Social Simulation, vol. 15(1), pages 11.
    4. Ciaian, Pavel, & Kancs, d’Artis & Swinnen, Jo & Van Herck, Kristine & Vranken, Liesbet, 2012. "Sales Market Regulations for Agricultural Land in EU Member States and Candidate Countries," Factor Markets Working Papers, Centre for European Policy Studies 116, Centre for European Policy Studies.
    5. Bojnec, Stefan, 2011. "Land Markets in the Three Candidate Countries of the EU," Working Papers, Factor Markets, Centre for European Policy Studies 117482, Factor Markets, Centre for European Policy Studies.
    6. Darrell L. Hueth, 1995. "The Use of Subsidies to Achieve Efficient Resource Allocation in Upland Watersheds," IDB Publications 39158, Inter-American Development Bank.
    7. Angelovska, Neda Petroska & Ackovska, Marija & Bojnec, Štefan, 2012. "Agricultural Land Markets and Land Leasing in the Former Yugoslav Republic of Macedonia," Factor Markets Working Papers, Centre for European Policy Studies 113, Centre for European Policy Studies.

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