The formation of offer prices in farmland markets: A hedonic price approach
AbstractThis study develops a game-theoretic framework to examine the preservation and capitalization effects of government farmland preservation policies. More specifically, emphasis is given to the effects of such policies on the number and type of land buyers, the distribution of offer price, and the mean waiting period. The results suggest that, in the context of the agricultural zoning policy, the final impact on the reservation price and mean waiting period depends on the magnitude of changes in the number and spread of the type of buyers.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31921.
Date of creation: 29 Jun 2011
Date of revision:
hedonic price; Bayesian approach; farm land valuation; government farm policy.;
Find related papers by JEL classification:
- Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
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