IDEAS home Printed from https://ideas.repec.org/p/ags/saea12/119804.html
   My bibliography  Save this paper

The Impact of Natural Amenity on Farmland Values: A Quantile Regression Approach

Author

Listed:
  • Uematsu, Hiroki
  • Mishra, Ashok K.

Abstract

The objective of this study is to estimate the impact of natural amenity on farmland values in the contiguous United States using a quantile regression approach and data from the 2006, 2007, and 2008 Agricultural Resource Management Surveys. The contribution of this study is three-fold. First, we explicitly include variables representing natural amenity and soil characteristics of farmland. Second, we employ a quantile regression approach to examine potentially heterogeneous impacts of natural amenity and soil characteristics at different quantiles of farmland values. Third, we utilized data from a nationwide survey of farm household to examine findings in studies using regional data are consistent at a national scale. Our quantile regression analysis offers some insightful results. Natural amenity is positively correlated with farmland values and its impact is often more pronounced at a higher price range of farmland.

Suggested Citation

  • Uematsu, Hiroki & Mishra, Ashok K., 2012. "The Impact of Natural Amenity on Farmland Values: A Quantile Regression Approach," 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama 119804, Southern Agricultural Economics Association.
  • Handle: RePEc:ags:saea12:119804
    as

    Download full text from publisher

    File URL: http://purl.umn.edu/119804
    Download Restriction: no

    References listed on IDEAS

    as
    1. Vincent E. Breneman & Richard F. Nehring, 2006. "Urban Sprawl and Farmland Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 915-929.
    2. Awudu Abdulai & Wallace E. Huffman, 2005. "The Diffusion of New Agricultural Technologies: The Case of Crossbred-Cow Technology in Tanzania," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(3), pages 645-659.
    3. William Gould, 1993. "Quantile regression with bootstrapped standard errors," Stata Technical Bulletin, StataCorp LP, vol. 2(9).
    4. Huffman, Wallace E., 2001. "Human capital: Education and agriculture," Handbook of Agricultural Economics,in: B. L. Gardner & G. C. Rausser (ed.), Handbook of Agricultural Economics, edition 1, volume 1, chapter 7, pages 333-381 Elsevier.
    5. Martin D. Heintzelman, 2010. "Measuring the Property-Value Effects of Local Land Use and Preservation Referenda," Land Economics, University of Wisconsin Press, vol. 86(1), pages 22-47.
    6. Ian W. Hardie & Tulika A. Narayan & Bruce L. Gardner, 2001. "The Joint Influence of Agricultural and Nonfarm Factors on Real Estate Values: An Application to the Mid-Atlantic Region," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(1), pages 120-132.
    7. Yue Jin Shi & Timothy T. Phipps & Dale Colyer, 1997. "Agricultural Land Values under Urbanizing Influences," Land Economics, University of Wisconsin Press, vol. 73(1), pages 90-100.
    8. Andrew J. Plantinga & Douglas J. Miller, 2001. "Agricultural Land Values and the Value of Rights to Future Land Development," Land Economics, University of Wisconsin Press, vol. 77(1), pages 56-67.
    9. Koenker,Roger, 2005. "Quantile Regression," Cambridge Books, Cambridge University Press, number 9780521845731, December.
    10. Koenker, Roger W & Bassett, Gilbert, Jr, 1978. "Regression Quantiles," Econometrica, Econometric Society, vol. 46(1), pages 33-50, January.
    11. Koenker, Roger & Bassett, Gilbert, Jr, 1982. "Tests of Linear Hypotheses and l[subscript]1 Estimation," Econometrica, Econometric Society, vol. 50(6), pages 1577-1583, November.
    12. Gloy, Brent A. & Boehlje, Michael & Dobbins, Craig L. & Hurt, Christopher & Baker, Timothy G., 2011. "Are Economic Fundamentals Driving Farmland Values?," Choices, Agricultural and Applied Economics Association, vol. 26(2).
    13. Abdulai, Awudu & Huffman, Wallace, 2007. "The Diffusion of New Agricultural Technologies: The Case of Crossbreeding Technology in Tanzania," Staff General Research Papers Archive 12785, Iowa State University, Department of Economics.
    14. Richard C. Ready & Charles W. Abdalla, 2005. "The Amenity and Disamenity Impacts of Agriculture: Estimates from a Hedonic Pricing Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(2), pages 314-326.
    15. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", pages 129-137.
    16. Philip Kostov, 2009. "A Spatial Quantile Regression Hedonic Model of Agricultural Land Prices," Spatial Economic Analysis, Taylor & Francis Journals, vol. 4(1), pages 53-72.
    17. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    18. Moshe Buchinsky, 1998. "Recent Advances in Quantile Regression Models: A Practical Guideline for Empirical Research," Journal of Human Resources, University of Wisconsin Press, vol. 33(1), pages 88-126.
    19. McGranahan, David A., 1999. "Natural Amenities Drive Rural Population Change," Agricultural Economics Reports 33955, United States Department of Agriculture, Economic Research Service.
    20. Joachim Zietz & Emily Zietz & G. Sirmans, 2008. "Determinants of House Prices: A Quantile Regression Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 37(4), pages 317-333, November.
    21. Pam Guiling & B. Wade Brorsen & Damona Doye, 2009. "Effect of Urban Proximity on Agricultural Land Values," Land Economics, University of Wisconsin Press, vol. 85(2), pages 252-264.
    22. Capozza, Dennis R. & Helsley, Robert W., 1989. "The fundamentals of land prices and urban growth," Journal of Urban Economics, Elsevier, vol. 26(3), pages 295-306, November.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Farmland Values; Quantile Regression; Natural Amenity; Environmental Economics and Policy; Land Economics/Use; C14; Q15; Q24;

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:ags:saea12:119804. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search). General contact details of provider: http://edirc.repec.org/data/saeaaea.html .

    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.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.