| 초록 |
A multilevel/hierarchical Bayesian hedonic price function of farmland is constructed and estimated. The model employs not only parcel-specific characteristics but also various regional-specific variables such as population size, acreage, degree of industrialization and urbanization. It is shown that the regional random effects are the major determinants of farmland prices. Among the fixed effects, the variables that affect the probability of land conversion are sigmofocamt determinants of land prices, which represents a high demand for farmlands from nonfarm sectors in Korea.
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