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A Spatial Bayesian Hedonic Pricing Model of Farmland Values

Author

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  • Cotteleer, Geerte
  • Stobbe, Tracy
  • van Kooten, G. Cornelis

Abstract

In 1973, British Columbia created the Agricultural Land Reserve (ALR) to protect farmland from development. This study investigates whether the ALR has been effective near the city of Victoria. Therefore, we employ a GIS-based hedonic pricing model and quantify ALR specific measures. Bayesian Model Averaging in combination with Markov Chain Monte Carlo Model Composition are used to address specification uncertainty. Results show that zoning schemes are partly credible. Zoned farmland sells for lower prices than other farmland. However, farmland located closer to the city of Victoria is priced higher and hobby farmers pay higher prices than conventional farmers.

Suggested Citation

  • Cotteleer, Geerte & Stobbe, Tracy & van Kooten, G. Cornelis, 2008. "A Spatial Bayesian Hedonic Pricing Model of Farmland Values," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44137, European Association of Agricultural Economists.
  • Handle: RePEc:ags:eaae08:44137
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    File URL: http://purl.umn.edu/44137
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    References listed on IDEAS

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    1. Olivier Parent & James Lesage, 2005. "Bayesian Model Averaging for Spatial Econometric Models," Post-Print hal-00375489, HAL.
    2. James Lesage & Manfred Fischer, 2008. "Spatial Growth Regressions: Model Specification, Estimation and Interpretation," Spatial Economic Analysis, Taylor & Francis Journals, vol. 3(3), pages 275-304.
    3. Jean CavailhËs & Pierre Wavresky, 2003. "Urban influences on periurban farmland prices," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 30(3), pages 333-357, September.
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    Cited by:

    1. Khalid, Haniza & Lloyd, Timothy Adrian & Morgan, Christopher Wyn, 2013. "The Impact of Economic Transformation and the Credibility of Planning Control on Agricultural Land Values," Journal of International Agricultural Trade and Development, Journal of International Agricultural Trade and Development, vol. 62(2).

    More about this item

    Keywords

    Farmland prices; Bayesian Model Averaging; Hedonic pricing.; Land Economics/Use;

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