The Value of Inherent Soil Characteristics: A Hedonic Analysis
AbstractIn an attempt to value soil natural capital, we use the inherent characteristics of soil and land valuation data to examine the relationship between soil characteristics and rural farmland values in the 6000ks2 Manawatu catchment in New Zealand. The study applies a hedonic pricing method to determine if the value of ‘critical’ inherent characteristics of soils are reflected in land values. We find empirical evidence that the examined characteristics of soil natural capital stock, e.g., particle size, drainage, potential rooting depth and profile available water, are in fact reflected in rural land values.
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Bibliographic InfoPaper provided by New Zealand Agricultural and Resource Economics Society in its series 2009 Conference, August 27-28, 2009, Nelson, New Zealand with number 97158.
Date of creation: Aug 2010
Date of revision:
Natural capital; soil characteristics; value of soil; hedonic prices; rural land value; Agricultural and Food Policy; Community/Rural/Urban Development; Consumer/Household Economics; Crop Production/Industries; Environmental Economics and Policy; Farm Management; Land Economics/Use;
This paper has been announced in the following NEP Reports:
- NEP-AGR-2011-01-30 (Agricultural Economics)
- NEP-ALL-2011-01-30 (All new papers)
- NEP-ENV-2011-01-30 (Environmental Economics)
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