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

Juho PIetari Valtiala, Sami Ovaska and Timo Sipiläinen

No 288447, 165th Seminar, April 4-5, 2019, Berlin, Germany from European Association of Agricultural Economists

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.

Keywords: Land; Economics/Use (search for similar items in EconPapers)
Pages: 22
Date: 2019-02-27
New Economics Papers: this item is included in nep-agr and nep-bec
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:eaa165:288447

DOI: 10.22004/ag.econ.288447

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