A Study on the Estimation of Farmland Price Using Spatial Econometrics Approach: Focused on Urban Fringe in Seoul Metropolitan Area

Song Yongcheol; Park， Heonsoo

doi:10.15793/kspr.2012.72..007

This study aims at identifying a parcel based land price estimation model, considered spatial dependency and heterogeneity, focused on the farmland which is the main target of land policy as a future urbanized land. In addition to ordinary least square estimation like hedonic price model, spatial econometrics approaches such as spatial auto regression model, spatial error model and geographically weighted regression model were used to estimate the farmland price at the urban fringe in Seoul Metropolitan Area and compared. The empirical results showed that GWR model weighted tricube adaptive kernel has about 30% lower RMSE than OLS model. In the future, it is strongly suggested to apply transaction price based GWR models for public purpose land price estimation such as landbanking and public land disposal, both indirect and long-term land policy, especially when calibrating other price factors.

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REFERENCES (35)
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* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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[web] / http://personal.rhul.ac.uk/uhte/006/ec2203/index2.html / http://personal.rhul.ac.uk/uhte/006/ec2203/index2.html

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