RT Journal Article
SR Electronic
T1 Do Buyers’ Characteristics and Personal Relationships Affect Agricultural Land Prices?
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 48
OP 65
DO 10.3368/le.86.1.48
VO 86
IS 1
A1 Philip Kostov
YR 2010
UL http://le.uwpress.org/content/86/1/48.abstract
AB 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. (JEL C14)