English, Article edition: A Spatial Quantile Regression Hedonic Model of Agricultural Land Prices Philip Kostov

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Physical Description
  • article
Language
  • English

Edition details

Title
  • A Spatial Quantile Regression Hedonic Model of Agricultural Land Prices
Author
  • Philip Kostov
Physical Description
  • article
Notes
  • Land price studies typically employ hedonic analysis to identify the impact of land characteristics on price. Owing to the spatial fixity of land, however, the question of possible spatial dependence in agricultural land prices arises. The presence of spatial dependence in agricultural land prices can have serious consequences for the hedonic model analysis. Ignoring spatial autocorrelation can lead to biased estimates in land price hedonic models. We propose using a flexible quantile regression-based estimation of the spatial lag hedonic model allowing for varying effects of the characteristics and, more importantly, varying degrees of spatial autocorrelation. In applying this approach to a sample of agricultural land sales in Northern Ireland we find that the market effectively consists of two relatively separate segments. The larger of these two segments conforms to the conventional hedonic model with no spatial lag dependence, while the smaller, much thinner market segment exhibits considerable spatial lag dependence. Un modele hedonique a regression quantile spatiale des prix des terrains agricoles Resume Les etudes sur le prix des terrains font generalement usage d'une analyse hedonique pour identifier l'impact des caracteristiques des terrains sur le prix. Toutefois, du fait de la fixite spatiale des terrains, la question d'une eventuelle dependance spatiale sur la valeur des terrains agricoles se pose. L'existence d'une dependance spatiale dans le prix des terrains agricoles peut avoir des consequences importantes sur l'analyse du modele hedonique. En ignorant cette correlation serielle, on s'expose au risque d'evaluations biaisees des modeles hedoniques du prix des terrains. Nous proposons l'emploi d'une estimation a base de regression flexible du modele hedonique a decalage spatial, tenant compte de differents effets des caracteristiques, et surtout de differents degres de correlations serielles spatiales. En appliquant ce principe a un echantillon de ventes de terrains agricoles en Irlande du Nord, nous decouvrons que le marche se compose de deux segments relativement distincts. Le plus important de ces deux segments est conforme au modele hedonique traditionnel, sans dependance du decalage spatial, tandis que le deuxieme segment du marche, plus petit et beaucoup plus etroit, presente une dependance considerable du decalage spatial. Un modelo hedonico de regresion cuantil espacial de los precios del terreno agricola Resumen Tipicamente, los estudios del precio de la tierra emplean un analisis hedonico para identificar el impacto de las caracteristicas de la tierra sobre el precio. No obstante, debido a la fijeza espacial de la tierra, surge la cuestion de una posible dependencia espacial en los precios del terreno agricola. La presencia de dependencia espacial en los precios del terreno agricola puede tener consecuencias graves para el modelo de analisis hedonico. Ignorar la autocorrelacion espacial puede conducir a estimados parciales en los modelos hedonicos del precio de la tierra. Proponemos el uso de una valoracion basada en una regresion cuantil flexible del modelo hedonico del lapso espacial que tenga en cuenta los diversos efectos de las caracteristicas y, particularmente, los diversos grados de autocorrelacion espacial. Al aplicar este planteamiento a una muestra de ventas de terreno agricola en Irlanda del Norte, descubrimos que el mercado consiste efectivamente de dos segmento relativamente separados. El mas grande de estos dos segmentos se ajusta al modelo hedonico convencional sin dependencia del lapso espacial, mientras que el segmento mas pequeno, y mucho mas fino, muestra una dependencia considerable del lapso espacial. [image omitted]
  • Spatial lag, quantile regression, hedonic model,
  • RePEc:taf:specan:v:4:y:2009:i:1:p:53-72
Language
  • English
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