Investigating the Determinants of Finnish Agricultural Land Prices Using Generalised Additive Model
2019
Valtiala, Juho PIetari | Ovaska, Sami | Sipiläinen, Timo
The agricultural sector in Finland has witnessed a rapid structural change since the Finnish EU-accession. At the same time, agricultural land prices have increased considerably. Using a hedonic pricing model, we investigated the characteristics affecting the prices of parcels sold. We analysed a dataset consisting of over a thousand additional agricultural land transactions and discovered several regional and production related characteristics affecting prices. The generalised additive modelling framework enabled estimation of a regional price level as a smooth trend surface. The model captured spatial dependency in the prices while retaining the sensible interpretation of the results.
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