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http://dx.doi.org/10.7851/ksrp.2022.28.2.041

Analysis of Farmland Price Determinants in Parcel-level Using Real Transaction Price of Farmland  

Jeon, Mugyeong (Korea Rural Economic Institute)
Yi, Hyangmi (Rural Research Institute, Korea Rural Community Corporation)
Kim, Yunsik (Dept. of Food and Resource Economics, Gyeongsang National University (Inst. of Agri. & Life Sci.))
Kim, Taeyoung (Dept. of Food and Resource Economics, Gyeongsang National University (Inst. of Agri. & Life Sci.))
Publication Information
Journal of Korean Society of Rural Planning / v.28, no.2, 2022 , pp. 41-50 More about this Journal
Abstract
The primary purpose of this study is to identify various factors that affect farmland prices according to changes in the actual transaction price of farmland over the past decade, and to use this to derive policy implications for price stabilization. To this end, the farmland price model are constructed at the parcel level in the case area (Namwon-si, Jinju-si). The analysis method is based on the Hedonic price function, and the OLS and the quantile regression are used for the parcel level model. As a result of estimating the parcel level farmland price model in the case area, the larger the parcel area, the lower the farmland price, and the higher the farmland price outside the agricultural promotion area. It was found that there was a price difference according to the type of special purpose areas, and the location characteristics showed some differences across the cities. The farmland price models presented in this study are suitable for identifying the factors affecting farmland prices, and are expected to be highly utilized in that it is possible to construct flexible variables suitable for regional characteristics.
Keywords
Determinants of Farmland Price; Farmland Transaction Price; Farmland Bank; Hedonic Price Model; Quantile Regression;
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Times Cited By KSCI : 1  (Citation Analysis)
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