A Spatial Bayesian Hedonic Pricing Model of Farmland Values
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In 1973, British Columbia created the
Agricultural Land Reserve (ALR) to protect farmland
from development. This study investigates whether the
ALR has been effective near the city of Victoria.
Therefore, we employ a GIS-based hedonic pricing
model and quantify ALR specific measures. Bayesian
Model Averaging in combination with Markov Chain
Monte Carlo Model Composition are used to address
specification uncertainty. Results show that zoning
schemes are partly credible. Zoned farmland sells for
lower prices than other farmland. However, farmland
located closer to the city of Victoria is priced higher and
hobby farmers pay higher prices than conventional
farmers.