A Spatial Quantile Regression Hedonic Model of Agricultural Land Prices

被引:89
作者
Kostov, Philip [1 ]
机构
[1] Univ Cent Lancashire, Lancashire Business Sch, Preston PR1 2HE, Lancs, England
关键词
Spatial lag; quantile regression; hedonic model; NORTHERN-IRELAND; MARKET;
D O I
10.1080/17421770802625957
中图分类号
F [经济];
学科分类号
02 ;
摘要
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.
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页码:53 / 72
页数:20
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