Abstract
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’ market value estimates from the U.S. Department of Agriculture’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. (JEL Q11, Q51)
This article requires a subscription to view the full text. If you have a subscription you may use the login form below to view the article. Access to this article can also be purchased.
Log in using your username and password
Purchase access
In this issue
Jump to section
Related Articles
Cited By...
- Value of Farm Data in Farmland Rental Markets: Management versus Signaling Value
- Water Market Participation and Agricultural Land Values
- Tenant Favoritism and Right of First Refusals in Farmland Auctions: Competition and Price Effects
- Loss Aversion in Farmland Price Expectations
- Nonconvex Transaction Costs and Land Rental Market Participation in Malawi
- Are Expert Opinions Accurate? Panel Data Evidence from the Iowa Land Value Survey