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Do Buyers' Characteristics and Personal Relationships Affect Agricultural Land Prices?

Do Buyers' Characteristics and Personal Relationships Affect Agricultural Land Prices? The influence of buyer and personal relationship characteristics on agricultural land prices has received little attention in the literature. Recently, Perry and Robison (2001) used a restricted nonlinear specification to model the influence of personal relationships on the implicit prices of land characteristics. In this paper a more flexible alternative model is proposed. An approach to general model specification and model selection is presented. The results indicate that buyer characteristics and personal relationships exert nonuniform effects on the implicit prices of land characteristics. Our results support the hypothesis that social capital affects the terms of trade in the land market. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Do Buyers' Characteristics and Personal Relationships Affect Agricultural Land Prices?

Land Economics , Volume 86 (1) – Apr 4, 2012

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Publisher
University of Wisconsin Press
ISSN
1543-8325

Abstract

The influence of buyer and personal relationship characteristics on agricultural land prices has received little attention in the literature. Recently, Perry and Robison (2001) used a restricted nonlinear specification to model the influence of personal relationships on the implicit prices of land characteristics. In this paper a more flexible alternative model is proposed. An approach to general model specification and model selection is presented. The results indicate that buyer characteristics and personal relationships exert nonuniform effects on the implicit prices of land characteristics. Our results support the hypothesis that social capital affects the terms of trade in the land market.

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Apr 4, 2012

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