IDEAS home Printed from https://ideas.repec.org/a/taf/specan/v20y2025i2p346-361.html
   My bibliography  Save this article

Bayesian spatial analysis of US agricultural land values

Author

Listed:
  • J. Wesley Burnett
  • Donald J. Lacombe
  • Steven Wallander

Abstract

This study analyses the spatial patterns in agricultural land values using a Bayesian spatial econometrics approach. The model is motivated by land capitalisation theory, which captures the current value of a parcel of farmland as a discounted, future stream of returns associated with its agricultural use and pressures to convert the land. This study extends the land capitalisation model to incorporate variations in neighbouring agricultural lands. The results suggest that farmland prices are subject to spatial connectivities, implying that markets for cropland are highly localised, whereas markets for agricultural commodities are generally global in nature. The estimates imply that changes to neighbouring cropland rental rates and land enrolled in conservation explain about seven percent and eleven percent, respectively, of the variation in local land values.

Suggested Citation

  • J. Wesley Burnett & Donald J. Lacombe & Steven Wallander, 2025. "Bayesian spatial analysis of US agricultural land values," Spatial Economic Analysis, Taylor & Francis Journals, vol. 20(2), pages 346-361, April.
    • Handle: RePEc:taf:specan:v:20:y:2025:i:2:p:346-361
    DOI: 10.1080/17421772.2024.2342350
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/17421772.2024.2342350
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/17421772.2024.2342350?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:specan:v:20:y:2025:i:2:p:346-361. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RSEA20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.