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The Impact of Natural Amenity on Farmland Values: A Quantile Regression Approach

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  • Uematsu, Hiroki
  • Mishra, Ashok K.

Abstract

The objective of this study is to estimate the impact of natural amenity on farmland values in the contiguous United States using a quantile regression approach and data from the 2006, 2007, and 2008 Agricultural Resource Management Surveys. The contribution of this study is three-fold. First, we explicitly include variables representing natural amenity and soil characteristics of farmland. Second, we employ a quantile regression approach to examine potentially heterogeneous impacts of natural amenity and soil characteristics at different quantiles of farmland values. Third, we utilized data from a nationwide survey of farm household to examine findings in studies using regional data are consistent at a national scale. Our quantile regression analysis offers some insightful results. Natural amenity is positively correlated with farmland values and its impact is often more pronounced at a higher price range of farmland.

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Bibliographic Info

Paper provided by Southern Agricultural Economics Association in its series 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama with number 119804.

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Date of creation: 2012
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Handle: RePEc:ags:saea12:119804

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Keywords: Farmland Values; Quantile Regression; Natural Amenity; Environmental Economics and Policy; Land Economics/Use; C14; Q15; Q24;

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