Bayesian Model Averaging in the Context of Spatial Hedonic Pricing: An Application to Farmland Values

Cotteleer, Geerte; Stobbe, Tracy; Kooten, G. Cornelis van

doi:10.1111/j.1467-9787.2010.00699.x

Cited by 20 publications

(9 citation statements)

References 35 publications

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“…As Triplett (1991) points out, if the commodity quality encompasses many characteristics, or the commodity is complex in its use, the hedonic pricing model is easily vulnerable to missing variable bias. Important determinants of farmland value that have been identified in the literature include: productivity (e.g., soil quality) and profitability (Sandrey et al 1982, Boisvert, Schmit, and Regmi 1997, Moss 1997, Huang et al 2006), farm size (Sandrey et al 1982, Huang et al 2006, Cotteleer, Stobbe, and van Kooten 2011), inflation (Moss 1997), environmental vulnerability (Boisvert, Schmit, and Regmi 1997, Schlenker, Hanemann, and Fisher 2006, Mendelsohn and Reinsborough 2007), land use policy (Nickerson and Lynch 2001), location and proximity (Boisvert, Schmit, and Regmi 1997, Huang et al 2006, Cotteleer, Stobbe, and van Kooten 2011, Abelairas-Etxebarria and Astorkiza 2012), land price volatility (Cotteleer, Stobbe, and van Kooten 2011), and local demographics (Huang et al 2006, Salois, Moss, and Erickson 2012, Awasthi 2014). Though subject to data availability, the empirical model in this paper takes into account the majority of these factors.…”

Section: Spatial Valuation Of Farmlandmentioning

confidence: 99%

The Spatial Structure of Farmland Values: A Semiparametric Approach

Wang

2018

Agric. Resour. Econom. Rev.

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Controlling for spatial heterogeneity and spatial dependence in farmland valuation models has gained substantial attention in recent literature. This paper proposes to derive the spatial structure of farmland values endogenously and semiparametrically based on the spatial competition theory. The paper assembles panel data of Pennsylvania county level farmland values between 1982 and 2012. A spatial autoregressive panel data model with spatial weights matrix endogenously incorporated is estimated. Out of sample predictions and nonnested statistical tests for model selection suggest that the fit and the predictability of hedonic farmland valuation models can be greatly improved.

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Section: Spatial Valuation Of Farmlandmentioning

confidence: 99%

The Spatial Structure of Farmland Values: A Semiparametric Approach

Wang

2018

Agric. Resour. Econom. Rev.

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“…Although there are different specifications of a spatial weight matrix (SWM), the SWM with Delaunay routine (Zhang and Murayama 2000), which defines k-order neighbors as the vertices of non-overlapping triangles, is considered to have an advantage over distance-based SWM when parcel sizes are heterogeneous (Cotteleer et al 2011). This SWM based on Delaunay routine is widely used in the literature (for example see Lesage and Fischer 2008;Conway et al 2010;Chadourne et al 2013).…”

Section: Spatial Hedonic Pricing Modelmentioning

confidence: 99%

The Pricing Effects of Open Space Amenities

Fan

Hansz

Yang

2015

J Real Estate Finan Econ

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A spatial Durbin model (SDM) is developed to estimate the open space proximity values in Fresno-Clovis metropolitan area in Central California circa 2005 to 2012, a time period covering a full market cycle with distinctive boom, bust, and recovery market phases. By controlling for distressed market conditions (vacant, foreclosure, and short-sale transactions) and spillover pricing effects, we find significant but heterogeneous values for proximity to five types of open space amenities. Furthermore, proximity values for parks and golf courses are found to drop by more than 20 % in the bust period relative to the boom period. Results show that failing to capture distressed market conditions and market phases, when the housing market is out of equilibrium, leads to biased results. In addition, our findings suggest that ignoring spatial dependence and spillover pricing effects presents a potential bias in estimating open space amenity values. The SDM, which considers spatial dependence and spillovers at a finer scale in the neighborhood, outperforms region fixed effects models when spatial spillovers are significant.

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“…Bu araştırmaların ise çoğunlukla yüksek lisans ve doktora tezi kapsamında gerçekleştirildiği belirlenmiştir (Tanrıvermiş, 1996;Birinci, 1997;Engindeniz, 1998;Keskin, 2003;Aydın, 2007;Hurma, 2007;Avcı, 2010, Baştürk, 2011Karakayacı, 2011). Ancak son yıllarda özellikle kamulaştırmalarda farklı kurumların yararlanabilmesi amacıyla bazı çalışmaların da gerçekleştirildiği görülmektedir (Engindeniz, 2001a;Tanrıvermiş vd., 2008;Engindeniz vd., 2009;Tanrı-vermiş vd., 2011;Tanrıvermiş vd., 2012) Diğer taraftan, bugüne kadar farklı ülkelerde tarım arazilerinin fiyat ve değer analizine yönelik olarak yapılan çok sayıda araştırmada hedonik fiyat analizinden yararlanıldığı görülmektedir (Maddison, 2000;Lake and Easter, 2002;Kostov, 2009;Shultz, 2010;Cotteleer et al, 2011;Ma and Swinton, 2012;O'Donoghue et al, 2015;Joshi et al, 2017;Solhee et al, 2017). Türkiye'de ise tarım arazilerinin değerlemesinde hedonik fiyat analizinden yararlanan sınırlı sayıda araştırmanın yapıldığı belirlenmiştir (Hurma, 2007;Vural, 2007;Vural ve Fidan, 2009;Karakayacı, 2011, Öztürk;2013).…”

Section: Introductionunclassified

İzmir deki Sulanabilir Tarım Arazilerinin Değerini Etkileyen Faktörlerin Analizi

Öztürk¹,

Engindeniz²,

Bayraktar³

2017

SJAFS

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Bu araştırmada İzmir'in Bergama, Ödemiş, Torbalı, Bayındır ve Tire ilçelerindeki sulanabilir arazilerin değerleri ve arazi değerlerini etkileyen faktörler analiz edilmiştir. Bu amaçla, İzmir'de toplam tarım arazisi içerisinde en fazla payı alan beş ilçe araştırma kapsamına alınmış ve oransal örnekleme hacmi formülü kullanılarak 90 üretici ile anket yoluyla çeşitli veriler derlenmiştir. Araştırmada arazi değerleri pazar değeri ve gelir yöntemlerine göre hesaplanmıştır. In this research, irrigated agricultural land values and factors effect on irrigated agricultural land values were examined in Bergama, Ödemiş, Torbalı, Bayındır and Tire district, Izmir. For this purpose, five district which have maximum share in total agricultural land in Izmir were included in this research and data was collected by survey from 90 farmers that was determined by proportional sample formula. In this research, land values were calculated according to the market value and the income capitalization approach. The capitalization rate was used in this research determined as 4.01% in Bayındır district, 5.78% in Bergama district, 4.09% in Ödemiş district, 6.65% in Tire district, 5.79% in Torbalı district. According to research results, Tire district has the highest land value, Ödemiş district has the lowest land value determined by the income capitalization approach. It was determined that the highest market value was reached in Ödemiş district and lowest market value was reached in Bergama district. In this research, a separate model was created for each district in hedonic price analysis in order to determine the factors effect on land value. According to linear models the most positively effective variables of parcel market value are productivity of parcel in Bayındır district, quality of parcel in Bergama distrcit, parcel management types in Ödemiş district, application status of crop rotation at parcel in Tire district, proximity to the village center of parcel in Torbalı district.

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Bayesian Model Averaging in the Context of Spatial Hedonic Pricing: An Application to Farmland Values

Cited by 20 publications

References 35 publications

The Spatial Structure of Farmland Values: A Semiparametric Approach

The Spatial Structure of Farmland Values: A Semiparametric Approach

The Pricing Effects of Open Space Amenities

İzmir deki Sulanabilir Tarım Arazilerinin Değerini Etkileyen Faktörlerin Analizi

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