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

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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

Název v anglickém jazyce

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

Popis výsledku anglicky

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

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

GA - Zemědělská ekonomie

OECD FORD obor

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Projekt

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Návaznosti

V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Rok uplatnění

2013

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

German Journal of Agricultural Economics

ISSN

0002-1121

e-ISSN

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Svazek periodika

62

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

DE - Spolková republika Německo

Počet stran výsledku

18

Strana od-do

116-133

Kód UT WoS článku

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EID výsledku v databázi Scopus

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