Using Satellite Imagery In Predicting Kansas Farmland Values
Can remotely sensed imagery improve hedonic land price models? A remotely sensed variable was added to a hedonic farmland value model as a proxy for land productivity. Land cover data were used to obtain urban and recreational effects as well. The urban and recreational effects were statistically significant but economically small. The remotely sensed productivity variable was statistically significant and economically large, indicating that knowing the "greenness" of the land increased the explanatory power of the hedonic price model. Thus, depending upon the cost of this information, including remotely sensed imagery in traditional hedonic land price models is economically beneficial.
Volume (Year): 27 (2002)
Issue (Month): 02 (December)
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- Elad, Renata L. & Clifton, Ivery D. & Epperson, James E., 1994. "Hedonic Estimation Applied To The Farmland Market In Georgia," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 26(02), December.
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- Fritz M. Roka & Raymond B. Palmquist, 1997. "Examining the Use of National Databases in a Hedonic Analysis of Regional Farmland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1651-1656.
- McGuirk, Anya M. & Spanos, Aris, 2002. "The Linear Regression Model With Autocorrelated Errors: Just Say No To Error Autocorrelation," 2002 Annual meeting, July 28-31, Long Beach, CA 19905, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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