The Railroad’s Impact on Land Values in the Upper Great Plains at the Closing of the Frontier
We show that the impact of transportation improvements on land values is complex with a direct, positive relationship on the price of land and also a positive relationship with the ratio of improved acres to total acres, another important influence on the per acre price of land. We construct a two step estimation that removes the impact of transportation outlets on the ratio of improved to total acres before including the transportation variables and the adjusted ratio variable as independent variables in a regression on price per acre. This estimation gives us the expected positive impact of railroads on land price. We also use Box-Cox regressions to show the semi-log form, a common model specification, may be inappropriate for our data and possibly then for other land price research.
References listed on IDEAS
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- Robert J. Barro, 1991.
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- Heckelman, Jac C. & Wallis, John Joseph, 1997. "Railroads and Property Taxes," Explorations in Economic History, Elsevier, vol. 34(1), pages 77-99, January.
- Coffman, Chad & Gregson, Mary Eschelbach, 1998. "Railroad Development and Land Value," The Journal of Real Estate Finance and Economics, Springer, vol. 16(2), pages 191-204, March.
- Anderson, Terry L & Hill, Peter J, 1975. "The Evolution of Property Rights: A Study of the American West," Journal of Law and Economics, University of Chicago Press, vol. 18(1), pages 163-179, April.
- Craig, Lee A & Palmquist, Raymond B & Weiss, Thomas, 1998. "Transportation Improvements and Land Values in the Antebellum United States: A Hedonic Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 16(2), pages 173-189, March. Full references (including those not matched with items on IDEAS)
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