A generalized method for valuing agricultural farms under uncertainty |
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| Institution: | 1. University of Granada, Dept. of Quantitative Methods for Economics and Business, Sciences and Economics Faculty, Campus La Cartuja s/n, 18071, Granada, Spain;2. University of Almería, Dept. of Applied Economic, Sciences and Economics Faculty, Ctra. de Sacramento s/n, 04120, La Cañada de San Urbano, Almería, Spain;3. University of Granada, Dept. of Mathematics Didactic, Education Sciences Faculty, Campus La Cartuja s/n, 18071, Granada, Spain;1. Department of Agricultural Economics, IFAPA – Andalusian Institute of Agricultural Research and Training, Centro Alameda del Obispo, Apartado 3092, 14080 Córdoba, Spain;2. Department of Agricultural Economics, University of Córdoba, Campus Rabanales, Ctra. N-IV km 396, 14014 Córdoba, Spain;3. Department of Agricultural Economics, IFAPA - Andalusian Institute of Agricultural Research and Training, Centro Camino de Purchil, Apartado 18004 Granada, Spain;1. School of Agriculture and Environment, The University of Western Australia, Perth, Western Australia, 6009, Australia;2. Faculty of Forestry, Universitas Gadjah Mada, Yogyakarta, Indonesia;3. Centre for Applied Psychology, The University of Canberra, ACT, Australia;4. The Fenner School of Environment & Society, The Australian National University, ACT, Australia;1. Environmental Geography Group, Department of Earth Sciences, Vrije Universiteit Amsterdam, De Boelelaan 1087, 1081 HV Amsterdam, The Netherlands;2. University of the Aegean, Department of Geography, University Hill, 81100 Mytilene, Greece;3. Swiss Federal Research Institute WSL, Research Unit Landscape Dynamics, Zürcherstrasse 111, CH-8903 Birmensdorf, Switzerland;1. Department of Forestry and Environmental Science, School of Agriculture and Mineral Sciences, Shahjalal University of Science and Technology, Sylhet-3114, Bangladesh;2. Friedrich-Alexander-University Erlangen-Nürnberg (FAU), Institute of Geography, Wetterkreuz 15, 91058, Erlangen, Germany;1. College of Urban and Environmental Science, Liaoning Normal University, Dalian City, Shahekou District, Huanghe Road, No. 850, Liaoning Province, China;2. Center for Studies of Marine Economy and Sustainable Development, Liaoning Normal University, Dalian City, Shahekou District, Huanghe Road, No. 850, Liaoning Province, China |
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| Abstract: | The opacity of the farm market means that valuations are based primarily on expert estimates rather than on actual transaction prices. The valuation method based on the two cumulative distribution functions (VMTCDF), created by Ballestero (1971), improves the synthetic method based on estimating the market value of an asset by establishing a proportional relation between the asset and one external variable. However, in most cases the expert must consider multiple external variables. This paper proposes a definitive extension to k indexes with a methodology particularly applicable to the field of valuation of non-market goods or markets where little information is available as may be the case with the valuation of agricultural land. The contribution is illustrated with an empirical example. |
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| Keywords: | Farmland Land valuation Land markets Site factors Statistical uncertainty |
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