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A Spatial Bayesian Hedonic Pricing Model of Farmland Values

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  • Cotteleer, Geerte
  • Stobbe, Tracy
  • van Kooten, G. Cornelis

Abstract

In 1973, British Columbia created the Agricultural Land Reserve (ALR) to protect farmland from development. This study investigates whether the ALR has been effective near the city of Victoria. Therefore, we employ a GIS-based hedonic pricing model and quantify ALR specific measures. Bayesian Model Averaging in combination with Markov Chain Monte Carlo Model Composition are used to address specification uncertainty. Results show that zoning schemes are partly credible. Zoned farmland sells for lower prices than other farmland. However, farmland located closer to the city of Victoria is priced higher and hobby farmers pay higher prices than conventional farmers.

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Bibliographic Info

Paper provided by European Association of Agricultural Economists in its series 2008 International Congress, August 26-29, 2008, Ghent, Belgium with number 44137.

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Date of creation: 2008
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Handle: RePEc:ags:eaae08:44137

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Keywords: Farmland prices; Bayesian Model Averaging; Hedonic pricing.; Land Economics/Use;

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  1. James Lesage & Manfred Fischer, 2008. "Spatial Growth Regressions: Model Specification, Estimation and Interpretation," Spatial Economic Analysis, Taylor & Francis Journals, vol. 3(3), pages 275-304.
  2. Olivier Parent & James P. Lesage, 2007. "Bayesian Model Averaging for Spatial Econometric Models ," University of Cincinnati, Economics Working Papers Series 2007-02, University of Cincinnati, Department of Economics.
  3. Jean CavailhËs & Pierre Wavresky, 2003. "Urban influences on periurban farmland prices," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 30(3), pages 333-357, September.
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