Analysing farmland rental rates using Bayesian geoadditive quantile regression

Alexander März, Nadja Klein, Thomas Kneib and Oliver Musshoff

No 182752, 2014 International Congress, August 26-29, 2014, Ljubljana, Slovenia from European Association of Agricultural Economists

Abstract: Empirical studies on farmland rental rates have predominantly concentrated on modelling conditional means using spatial autoregressive models, where a linear functional form be- tween the response and the covariates is assumed. This paper extends the hedonic pricing literature by modelling conditional quantiles of farmland rental rates semi-parametrically using Bayesian geoadditive quantile regression models. The flexibility of this model class overcomes the problems associated with functional form misspecifications and allows us to present a more detailed analysis. Our results stress the importance of making use of semi- parametric regression models as several covariates influence farmland rental rates in an ex- plicit non-linear way.

Keywords: Land Economics/Use; Research Methods/ Statistical Methods (search for similar items in EconPapers)
Pages: 13
Date: 2014-08
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Citations: View citations in EconPapers (5)

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Related works:
Journal Article: Analysing farmland rental rates using Bayesian geoadditive quantile regression (2016)
Working Paper: Analysing farmland rental rates using Bayesian geoadditive quantile regression (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:eaae14:182752

DOI: 10.22004/ag.econ.182752

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