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Hedonic Estimation Applied to the Farmland Market in Georgia

Author

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  • Elad, R.L.
  • Clifton, I.D.
  • Epperson, J.E.

Abstract

Farmland offered for its productive or consumptive value may be viewed as a class of goods characteristic of product differentiation. Using the generalized Box-Cox transformation, an unrestricted hedonic model was employed to derive implicit valuations of parcel attributes. Results suggest that the significance and level of importance of attributes on land pricing depends on the spatial extent of markets in Georgia. Differences in the productive or consumptive use of farmland may imply that different factors and functional forms are appropriate to different farmland markets.

Suggested Citation

  • 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(2), pages 351-366, December.
    • Handle: RePEc:cup:jagaec:v:26:y:1994:i:02:p:351-366_02
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    References listed on IDEAS

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    1. Moore, Kevin C., 1987. "Modeling The United States Farmland Market: A Test Of The Rational Expectations Hypothesis," 1987 Annual Meeting, August 2-5, East Lansing, Michigan 269943, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Miranowski, John & Hammes, B., 1984. "Implicit Prices of Soil Characteristics for Farmland in Iowa," Staff General Research Papers Archive 10706, Iowa State University, Department of Economics.
    3. Richard W. Dunford & Carole E. Marti & Ronald C. Mittelhammer, 1997. "A Case Study of Rural Land Prices at the Urban Fringe Including Subjective Buyer Expectations," Land Economics, University of Wisconsin Press, vol. 62(1), pages 10-16.
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    5. John A. Miranowski & Brian D. Hammes, 1984. "Implicit Prices of Soil Characteristics for Farmland in Iowa," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(5), pages 745-749.
    6. 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..
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