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Investigating the Determinants of Finnish Agricultural Land Prices Using Generalised Additive Model

Author

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  • Valtiala, Juho PIetari
  • Ovaska, Sami
  • Sipiläinen, Timo

Abstract

The agricultural sector in Finland has witnessed a rapid structural change since the Finnish EU-accession. At the same time, agricultural land prices have increased considerably. Using a hedonic pricing model, we investigated the characteristics affecting the prices of parcels sold. We analysed a dataset consisting of over a thousand additional agricultural land transactions and discovered several regional and production related characteristics affecting prices. The generalised additive modelling framework enabled estimation of a regional price level as a smooth trend surface. The model captured spatial dependency in the prices while retaining the sensible interpretation of the results.

Suggested Citation

  • Valtiala, Juho PIetari & Ovaska, Sami & Sipiläinen, Timo, 2019. "Investigating the Determinants of Finnish Agricultural Land Prices Using Generalised Additive Model," 165th Seminar, April 4-5, 2019, Berlin, Germany 288447, European Association of Agricultural Economists.
    • Handle: RePEc:ags:eaa165:288447
    DOI: 10.22004/ag.econ.288447
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    Cited by:

    1. Ritter, Matthias & Hüttel, Silke & Odening, Martin & Seifert, Stefan, 2020. "Revisiting the relationship between land price and parcel size in agriculture," Land Use Policy, Elsevier, vol. 97(C).
    2. Vijay Victor & Joshy Joseph Karakunnel & Swetha Loganathan & Daniel Francois Meyer, 2021. "From a Recession to the COVID-19 Pandemic: Inflation–Unemployment Comparison between the UK and India," Economies, MDPI, vol. 9(2), pages 1-19, May.
    3. Łaszkiewicz, Edyta & Heyman, Axel & Chen, Xianwen & Cimburova, Zofie & Nowell, Megan & Barton, David N, 2022. "Valuing access to urban greenspace using non-linear distance decay in hedonic property pricing," Ecosystem Services, Elsevier, vol. 53(C).

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    Keywords

    Land Economics/Use;

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