Market Power in a GIS-based Hedonic Price Model of Local Farmland Markets

G. Cotteleer, C. Gardebroek, J. Luijt

Research output: Contribution to journalArticleAcademicpeer-review

28 Citations (Scopus)


Buyers of farmland are usually interested in parcels for sale that are close to their own farms. With a limited number of parcels for sale, this may lead to market power in local farmland markets. The objective of this paper is to investigate whether market power affects farmland prices. Hedonic price models are adapted to allow for local market power of either sellers or buyers. A distinction is made between rural and urban farmland markets. The results provide evidence of market power effects in rural farmland markets. However, for farmland in urban areas, market prices are dominated by speculation effects.
Original languageEnglish
Pages (from-to)573-592
JournalLand Economics
Issue number4
Publication statusPublished - 2008


  • urban influences
  • land prices
  • competition
  • values
  • choice
  • policy

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