Market Power in a GIS-Based Hedonic Price Model of Local Farmland Markets
AbstractBuyers 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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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 84 (2008)
Issue (Month): 4 ()
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Web page: http://le.uwpress.org/
Find related papers by JEL classification:
- Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
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- 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.
- Elodie Letort Author-X-Name- First: Elodie Author-X-Name- Last: Letort & Chalachew Temesgen, 2013. "Influence of environmental policies on farmland prices in the Bretagne region of France," Working Papers SMART - LERECO 201306, INRA UMR SMART.
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