This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Bayesian Model Averaging in the Context of Spatial Hedonic Pricing: An Application to Farmland Values

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Geerte Cotteleer
Tracy Stobbe
G. Cornelis van Kooten

Additional information is available for the following registered author(s):

Abstract

Since 1973, British Columbia created an Agricultural Land Reserve to protect farmland from development. In this study, we employ GIS-based hedonic pricing models of farmland values to examine factors that affect farmland prices. We take spatial lag and error dependence into explicit account. However, the use of spatial econometric techniques in hedonic pricing models is problematic because there is uncertainty with respect to the choice of the explanatory variables and the spatial weighting matrix. Bayesian model averaging techniques in combination with Markov Chain Monte Carlo Model Composition are used to allow for both types of model uncertainty.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://web.uvic.ca/~kooten/REPA/WorkingPaper2007-07.pdf
File Format: application/pdf
File Function: Final version, 2007
Download Restriction: no

Publisher Info
Paper provided by University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group in its series Working Papers with number 2007-07.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 30 pages
Date of creation: Nov 2007
Date of revision:
Handle: RePEc:rep:wpaper:2007-07

Contact details of provider:
Postal: P.O. Box 1700, STN CSC, Victoria, B.C., V8W 2Y2
Phone: (250) 721-8532
Fax: (250) 721-6214
Web page: http://www.repa.vkooten.net
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (G.C. van Kooten).

Related research
Keywords: Bayesian model averaging; Markov Chain Monte Carlo Model Composition; spatial econometrics; hedonic pricing; GIS; urban-rural fringe; farmland fragmentation;

Find related papers by JEL classification:
R11 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Analysis of Growth, Development, and Changes
R15 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods
C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
R14 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Land Use Patterns

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Fernandez, Carmen & Ley, Eduardo & Steel, Mark F. J., 2001. "Benchmark priors for Bayesian model averaging," Journal of Econometrics, Elsevier, vol. 100(2), pages 381-427, February. [Downloadable!] (restricted)
    Other versions:
  2. Colwell, Peter F. & Munneke, Henry J., 1997. "The Structure of Urban Land Prices," Journal of Urban Economics, Elsevier, vol. 41(3), pages 321-336, May. [Downloadable!] (restricted)
  3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  4. Pace, R Kelley, et al, 1998. "Spatiotemporal Autoregressive Models of Neighborhood Effects," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 15-33, July. [Downloadable!] (restricted)
  5. Colwell, Peter F & Munneke, Henry J, 1999. "Land Prices and Land Assembly in the CBD," The Journal of Real Estate Finance and Economics, Springer, vol. 18(2), pages 163-80, March. [Downloadable!] (restricted)
  6. 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. [Downloadable!]
  7. Jean CavailhËs & Pierre Wavresky, 2003. "Urban influences on periurban farmland prices," European Review of Agricultural Economics, Oxford University Press for the Foundation for the European Review of Agricultural Economics, vol. 30(3), pages 333-357, September.
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Cotteleer, Geerte & Stobbe, Tracy & van Kooten, G. Cornelis, 2008. "Expert Opinion Versus Transaction Evidence: Using The Reilly Index To Measure Open Space Premiums In The Urban-Rural Fringe," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6705, European Association of Agricultural Economists. [Downloadable!]
    Other versions:
Statistics
Access and download statistics

Did you know? You can create your own reading lists on IDEAS.

This page was last updated on 2009-11-4.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.