A Spatial Bayesian Hedonic Pricing Model of Farmland Values
Resource information
Date of publication
December 2008
Resource Language
ISBN / Resource ID
AGRIS:US2016201822
In 1973, British Columbia created theAgricultural Land Reserve (ALR) to protect farmlandfrom development. This study investigates whether theALR has been effective near the city of Victoria.Therefore, we employ a GIS-based hedonic pricingmodel and quantify ALR specific measures. BayesianModel Averaging in combination with Markov ChainMonte Carlo Model Composition are used to addressspecification uncertainty. Results show that zoningschemes are partly credible. Zoned farmland sells forlower prices than other farmland. However, farmlandlocated closer to the city of Victoria is priced higher andhobby farmers pay higher prices than conventionalfarmers.
