PT - JOURNAL ARTICLE AU - Bigelow, Daniel P. AU - Ifft, Jennifer AU - Kuethe, Todd TI - Following the Market? Hedonic Farmland Valuation Using Sales Prices versus Self-reported Values AID - 10.3368/le.96.3.418 DP - 2020 Aug 01 TA - Land Economics PG - 418--440 VI - 96 IP - 3 4099 - http://le.uwpress.org/content/96/3/418.short 4100 - http://le.uwpress.org/content/96/3/418.full SO - Land Econ2020 Aug 01; 96 AB - 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)