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Following the Market? Hedonic Farmland Valuation Using Sales Prices versus Self-reported Values

Following the Market? Hedonic Farmland Valuation Using Sales Prices versus Self-reported Values <p>ABSTRACT:</p><p>Many farmland valuation studies rely on survey estimates to form the dependent variable in a first-stage hedonic model. This study, based in New York State, provides a microscale comparison of transaction prices and producers&apos; market value estimates from the U.S. Department of Agriculture&apos;s June Area Survey. Although we find similar weighted value distributions, regression results identify differences in marginal effect estimates and illustrate how market thinness plays a role in the comparability of observed transaction prices and self-reported values. The findings have implications for future hedonic studies, including insights into behavioral differences concerning how farmers and market participants perceive the value of farmland. <i>(JEL Q11, Q51)</i></p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Following the Market? Hedonic Farmland Valuation Using Sales Prices versus Self-reported Values

Land Economics , Volume 96 (3) – Jul 2, 2020

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Publisher
University of Wisconsin Press
Copyright
Copyright © Board of Regents of the University of Wisconsin System.
ISSN
1543-8325

Abstract

<p>ABSTRACT:</p><p>Many farmland valuation studies rely on survey estimates to form the dependent variable in a first-stage hedonic model. This study, based in New York State, provides a microscale comparison of transaction prices and producers&apos; market value estimates from the U.S. Department of Agriculture&apos;s June Area Survey. Although we find similar weighted value distributions, regression results identify differences in marginal effect estimates and illustrate how market thinness plays a role in the comparability of observed transaction prices and self-reported values. The findings have implications for future hedonic studies, including insights into behavioral differences concerning how farmers and market participants perceive the value of farmland. <i>(JEL Q11, Q51)</i></p>

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Jul 2, 2020

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