Following the Market? Hedonic Farmland Valuation Using Sales Prices versus Self-reported Values
比较纽约州农田交易价格与农户自报价值，发现两者分布相似但边际效应不同，市场薄度影响可比性，为特征定价研究提供参考。
Many farmland valuation studies rely on survey estimates to form the dependent variable in a first-stage hedonic model. This study, based in New York State, provides a microscale comparison of transaction prices and producers’ market value estimates from the U.S. Department of Agriculture’s June Area Survey. Although we find similar weighted value distributions, regression results identify differences in marginal effect estimates and illustrate how market thinness plays a role in the comparability of observed transaction prices and self-reported values. The findings have implications for future hedonic studies, including insights into behavioral differences concerning how farmers and market participants perceive the value of farmland.