Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Record number 401815
Title Bayesian Model Averaging in the Context of Spatial Hedonic Pricing: An Application to Farmland Values
Author(s) Cotteleer, G.; Stobbe, T.; Kooten, G.C. van
Source Journal of Regional Science 51 (2011)3. - ISSN 0022-4146 - p. 540 - 557.
DOI http://dx.doi.org/10.1111/j.1467-9787.2010.00699.x
Department(s) Environmental Economics and Natural Resources Group
Agricultural Economics and Rural Policy Group
WASS
Publication type Refereed Article in a scientific journal
Publication year 2011
Keyword(s) urban influences - prices - specification - asterisk - markets - weights - issues - choice - gis
Abstract Specification uncertainty arises in spatial hedonic pricing models because economic theory provides no guide in choosing the spatial weighting matrix and explanatory variables. Our objective in this paper is to investigate whether we can resolve uncertainty in the application of a spatial hedonic pricing model. We employ Bayesian Model Averaging in combination with Markov Chain, Monte Carlo Model Composition. The proposed methodology provides inclusion probabilities for explanatory variables and weighting matrices. These probabilities provide a clear indication of which explanatory variables and weighting matrices are most relevant, but they are case specific.
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