본문 바로가기
  • Home

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

Song Yongcheol 1 Park, Heonsoo 2

1중앙대학교 도시계획부동산학과
2중앙대학교

Accredited

ABSTRACT

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.

Citation status

* References for papers published after 2022 are currently being built.