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Hedonic Estimation Applied to the Farmland Market in Georgia

Published online by Cambridge University Press:  28 April 2015

R.L. Elad ,
I.D. Clifton  and
J.E. Epperson
R.L. Elad
Affiliation:
Department of Agricultural and Applied Economics, University of Georgia
I.D. Clifton
Affiliation:
Department of Agricultural and Applied Economics, University of Georgia
J.E. Epperson
Affiliation:
Department of Agricultural and Applied Economics, University of Georgia
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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.

Keywords

farmland pricesfunctional formhedonic pricing
Type
Articles
Information
Journal of Agricultural and Applied Economics , Volume 26 , Issue 2 , December 1994 , pp. 351 - 366
Copyright
Copyright © Southern Agricultural Economics Association 1994

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