Factors Influencing Illinois Farmland Values |
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| Authors: | Haixiao Huang Gay Y Miller Bruce J Sherrick Miguel I Gómez |
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| Institution: | Haixiao Huang is research fellow, Natural Resource Analysis Center and Regional Research Institute, West Virginia University. Gay Y. Miller is professor, Department of Veterinary Pathobiology and Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign. Bruce J. Sherrick is professor, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign. Miguel I. Gómez is research associate, Food Industry Management Program, Cornell University. |
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| Abstract: | A hedonic model of Illinois farmland values is estimated using county-level cross-section time-series data. Explanatory variables include land productivity, parcel size, improvements, distances to Chicago and other large cities, an urban–rural index, livestock production through swine operation scale and farm density measures, population density, income, and inflation. The inclusion of spatial and serial correlation components substantially improves the model fit. Farmland values decline with parcel size, ruralness, distance to Chicago and large cities, and swine farm density, and increase with soil productivity, population density, and personal income. |
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| Keywords: | farmland value hedonic price model spatial lag swine production time-series cross-section data |
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