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Hedonic Estimation Applied to the Farmland Market in Georgia

Published online by Cambridge University Press:  28 April 2015

R.L. Elad
Affiliation:
Department of Agricultural and Applied Economics, University of Georgia
I.D. Clifton
Affiliation:
Department of Agricultural and Applied Economics, University of Georgia
J.E. Epperson
Affiliation:
Department of Agricultural and Applied Economics, University of Georgia

Abstract

Farmland offered for its productive or consumptive value may be viewed as a class of goods characteristic of product differentiation. Using the generalized Box-Cox transformation, an unrestricted hedonic model was employed to derive implicit valuations of parcel attributes. Results suggest that the significance and level of importance of attributes on land pricing depends on the spatial extent of markets in Georgia. Differences in the productive or consumptive use of farmland may imply that different factors and functional forms are appropriate to different farmland markets.

Type
Articles
Copyright
Copyright © Southern Agricultural Economics Association 1994

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