The Effect of Heterogeneous Buyers on Agricultural Land Prices: The Case of the Czech Land Market

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00027251%3A_____%2F13%3A%230000456" target="_blank" >RIV/00027251:_____/13:#0000456 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
The Effect of Heterogeneous Buyers on Agricultural Land Prices: The Case of the Czech Land Market
Original language description
The paper aims to analyse the effect of different types of buyers on farmland price formation. The buyer-specific price effect is theorised to originate in differences in buyers? bidding potential, intrinsic farmland and side valuation, as well as in non-uniform terms of trade. We specify a flexible hedonic land pricing model that allows for differences in buyers? valuation of land characteristics. Data on 579 land sale contracts from five districts of the Czech Republic from 2008-2010 are utilised in the study. The results provide strong evidence of buyer-specific valuation of land productive and intrinsic characteristics, as well as land market conditions. Non-agricultural buyers are observed to significantly overbid agricultural buyers on land location, rather than productive qualities. The geographic and demographic characteristics of areas in which non-agricultural land buyers invest suggest gradual future outmigration from most underdeveloped rural areas. Among agricultural buyer
Czech name
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Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
GA - Agricultural economics
OECD FORD branch
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Publication year
2013
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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