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Do Buyers’ Characteristics and Personal Relationships Affect Agricultural Land Prices?


  • Philip Kostov


The influence of buyer and personal relationship characteristics on agricultural land prices has received little attention in the literature. Recently, Perry and Robison (2001) used a restricted nonlinear specification to model the influence of personal relationships on the implicit prices of land characteristics. In this paper a more flexible alternative model is proposed. An approach to general model specification and model selection is presented. The results indicate that buyer characteristics and personal relationships exert nonuniform effects on the implicit prices of land characteristics. Our results support the hypothesis that social capital affects the terms of trade in the land market.

Suggested Citation

  • Philip Kostov, 2010. "Do Buyers’ Characteristics and Personal Relationships Affect Agricultural Land Prices?," Land Economics, University of Wisconsin Press, vol. 86(1), pages 48-65.
  • Handle: RePEc:uwp:landec:v:86:y:2010:i:1:p:48-65

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    References listed on IDEAS

    1. Philip Kostov & Myles Patton & Seamus McErlean, 2008. "Nonparametric analysis of the influence of buyers' characteristics and personal relationships on agricultural land prices," Agribusiness, John Wiley & Sons, Ltd., vol. 24(2), pages 161-176.
    2. Elad, R.L. & Clifton, I.D. & Epperson, J.E., 1994. "Hedonic Estimation Applied to the Farmland Market in Georgia," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 26(02), pages 351-366, December.
    3. Thomas Kneib & Torsten Hothorn & Gerhard Tutz, 2009. "Variable Selection and Model Choice in Geoadditive Regression Models," Biometrics, The International Biometric Society, vol. 65(2), pages 626-634, June.
    4. Gerhard Tutz & Harald Binder, 2006. "Generalized Additive Modeling with Implicit Variable Selection by Likelihood-Based Boosting," Biometrics, The International Biometric Society, vol. 62(4), pages 961-971, December.
    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. Myles Patton & Seamus McErlean, 2003. "Spatial Effects within the Agricultural Land Market in Northern Ireland," Journal of Agricultural Economics, Wiley Blackwell, vol. 54(1), pages 35-54.
    7. David L. Chicoine, 1981. "Farmland Values at the Urban Fringe: An Analysis of Sale Prices," Land Economics, University of Wisconsin Press, vol. 57(3), pages 353-362.
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    Cited by:

    1. Tan, S. & Liu, B. & Hannaway, D., 2018. "Age, Social Capital, and Herders Grassland Renting Decisions in Inner Mongolia, P.R. China," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277034, International Association of Agricultural Economists.
    2. Ludo Peeters & Eloi Schreurs & Steven Passel, 2017. "Heterogeneous Impact of Soil Contamination on Farmland Prices in the Belgian Campine Region: Evidence from Unconditional Quantile Regressions," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 66(1), pages 135-168, January.
    3. Johanna Choumert & Pascale Phelinas, 2015. "Farmland Rental Values in GM Soybean Areas of Argentina: Do Contractual Arrangements Matter?," Working Papers halshs-01237771, HAL.
    4. Curtiss, Jarmila & Jelínek, Ladislav & Hruška, Martin & Medonos, Tomáš & Vilhelm, Václav, 2013. "The Effect of Heterogeneous Buyers on Agricultural Land Prices: The Case of the Czech Land Market," Journal of International Agricultural Trade and Development, Journal of International Agricultural Trade and Development, vol. 62(2).
    5. repec:ags:gjagec:232336 is not listed on IDEAS
    6. Pascale Phelinas & Johanna Choumert, 2018. "Farmland rental values in GM soybean areas of Argentina : do contractual arrangements matter ?," Working Papers ird-01875351, HAL.

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    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General


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