Abstract

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)

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Additional Information

ISSN
1543-8325
Print ISSN
0023-7639
Pages
pp. 418-440
Launched on MUSE
2020-07-02
Open Access
No
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