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Modeling Nonnegativity Via Truncated Logistic And Normal Distributions: An Application To Ranch Land Price Analysis

Author

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  • Xu, Feng
  • Mittelhammer, Ronald C.
  • Torell, L. Allen

Abstract

This study presents an empirical method of modeling the nonnegativity of dependent variables using truncated logistic and normal disturbance distributions. The method is applied in estimating a ranch land hedonic price function. Results show that the degree of truncation is significant.

Suggested Citation

  • Xu, Feng & Mittelhammer, Ronald C. & Torell, L. Allen, 1994. "Modeling Nonnegativity Via Truncated Logistic And Normal Distributions: An Application To Ranch Land Price Analysis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 0(Number 1), pages 1-13, July.
  • Handle: RePEc:ags:jlaare:31238
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    File URL: http://ageconsearch.umn.edu/record/31238/files/19010102.pdf
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    References listed on IDEAS

    as
    1. MacKinnon, James G. & White, Halbert & Davidson, Russell, 1983. "Tests for model specification in the presence of alternative hypotheses : Some further results," Journal of Econometrics, Elsevier, vol. 21(1), pages 53-70, January.
    2. Bierens, Herman J, 1990. "A Consistent Conditional Moment Test of Functional Form," Econometrica, Econometric Society, vol. 58(6), pages 1443-1458, November.
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    Cited by:

    1. James R. Wasson & Donald M. McLeod & Christopher T. Bastian & Benjamin S. Rashford, 2013. "The Effects of Environmental Amenities on Agricultural Land Values," Land Economics, University of Wisconsin Press, vol. 89(3), pages 466-478.
    2. Perry, Gregory M. & Robison, Lindon J., 1999. "Personal Relationships: Do They Influence The Sale Price Of Land?," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35685, Western Agricultural Economics Association.
    3. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.
    4. repec:eee:ecolec:v:137:y:2017:i:c:p:70-82 is not listed on IDEAS
    5. Gregory M. Perry & Lindon J. Robison, 2001. "Evaluating the Influence of Personal Relationships on Land Sale Prices: A Case Study in Oregon," Land Economics, University of Wisconsin Press, vol. 77(3), pages 385-398.
    6. Osgood, Daniel E., 2005. "Snowblind: the importance of climate information for recreational real estate," 2005 Annual meeting, July 24-27, Providence, RI 19571, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Tigran Melkonyan & Michael H. Taylor, 2013. "Regulatory Policy Design for Agroecosystem Management on Public Rangelands," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 95(3), pages 606-627.
    8. Swanepoel, G.D. & Hadrich, Joleen & Goemans, Christopher, 2015. "Estimating the Contribution of Groundwater Irrigation to Farmland Values in Phillips County, Colorado," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2015, pages 1-14.

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    Keywords

    Land Economics/Use;

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