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An Empirical Analysis Of The Louisiana Rural Land Market

Listed author(s):
  • Kennedy, Gary A.
  • Henning, Steven A.
  • Vandeveer, Lonnie R.
  • Dai, Ming
Registered author(s):

    Structural changes in the farm production sector, continued pressure to reform existing agricultural policies, and an increasing demand for nonagricultural real estate emphasize the need for rural land market research. Rural land, with a wide diversity of physical characteristics and use, continues to be a large portion of Louisiana's total land base. Of Louisiana's total 28,493,440 land acres, cropland and pastureland account for 7,811,413 acres or 27 percent (1992 Louisiana Census of Agriculture). If timberland is included (USDA, Forest Service, 1991), rural land accounts for 79 percent of Louisiana's total land acreage. The measurement of economic, locational, and topographic variables hypothesized to influence rural land values is expected to be useful in managing Louisiana's land resource. This report presents estimates of the effects of various rural real estate characteristics on the value of rural real estate. This analysis does not include macroeconomic variables and aesthetic or psychological factors that may influence rural real estate prices. Therefore, information provided herein should be used in a general context and should not be used as the sole source of valuation for any specific parcel of rural real estate. Current local market conditions may not be accurately reflected in the results because of the limited data and the complexity of factors influencing values in a local land market.

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    Paper provided by Louisiana State University, Department of Agricultural Economics and Agribusiness in its series Station Bulletins with number 31682.

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    Date of creation: 1997
    Handle: RePEc:ags:lsustb:31682
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    Baton Rouge, LA 70803-6306

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    1. J. S. Shonkwiler & J. E. Reynolds, 1986. "A Note on the Use of Hedonic Price Models in the Analysis of Land Prices at the Urban Fringe," Land Economics, University of Wisconsin Press, vol. 62(1), pages 58-63.
    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. Kennedy, Gary A. & Henning, Steven A. & Vandeveer, Lonnie R., 1995. "Rural Land Values And Tenure Arrangements In Louisiana," DAE Research Reports 31662, Louisiana State University, Department of Agricultural Economics and Agribusiness.
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