A Spatial Bayesian Hedonic Pricing Model of Farmland Values

G. Cotteleer, T. Stobbe and Gerrit Cornelis van Kooten

No 44137, 2008 International Congress, August 26-29, 2008, Ghent, Belgium from European Association of Agricultural Economists

Abstract: In 1973, British Columbia created the Agricultural Land Reserve (ALR) to protect farmland from development. This study investigates whether the ALR has been effective near the city of Victoria. Therefore, we employ a GIS-based hedonic pricing model and quantify ALR specific measures. Bayesian Model Averaging in combination with Markov Chain Monte Carlo Model Composition are used to address specification uncertainty. Results show that zoning schemes are partly credible. Zoned farmland sells for lower prices than other farmland. However, farmland located closer to the city of Victoria is priced higher and hobby farmers pay higher prices than conventional farmers.

Keywords: Farmland prices; Bayesian Model Averaging; Hedonic pricing.; Land Economics/Use (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-geo
Date: 2008
View list of references

Downloads: (external link)
http://purl.umn.edu/44137 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:ags:eaae08:44137

Access Statistics for this paper

More papers in 2008 International Congress, August 26-29, 2008, Ghent, Belgium from European Association of Agricultural Economists
Contact information at EDIRC.
Series data maintained by AgEcon Search ().