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Market Power in a GIS-Based Hedonic Price Model of Local Farmland Markets

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  • Geerte Cotteleer
  • Cornelis Gardebroek
  • Jan Luijt
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    Abstract

    Buyers of farmland are usually interested in parcels for sale that are close to their own farms. With a limited number of parcels for sale, this may lead to market power in local farmland markets. The objective of this paper is to investigate whether market power affects farmland prices. Hedonic price models are adapted to allow for local market power of either sellers or buyers. A distinction is made between rural and urban farmland markets. The results provide evidence of market power effects in rural farmland markets. However, for farmland in urban areas, market prices are dominated by speculation effects.

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    File URL: http://le.uwpress.org/cgi/reprint/84/4/573
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    Bibliographic Info

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

    Volume (Year): 84 (2008)
    Issue (Month): 4 ()
    Pages: 573-592

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    Handle: RePEc:uwp:landec:v:84:y:2008:i:4:p:573-592

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

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    Cited by:
    1. Liljenstolpe, Carolina, 2011. "Valuation of environmental impacts of the Rural Development Program - A hedonic model with application of GIS," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114383, European Association of Agricultural Economists.
    2. Elodie Letort & Chalachew Temesgen Jemberie, 2013. "Influence of environmental policies on farmland prices in the Bretagne region of France," Working Papers 192198, Institut National de la Recherche Agronomique, France.

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