KJCKorea
Journal Central

@article{ART002120530},
author={Son, Hak-gi and Lee, Changro},
title={Estimating Farmland Prices Using a Regression-Kriging Model},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2016},
volume={89},
pages={39-53},
doi={10.15793/kspr.2016.89..003}

TY - JOUR
AU - Son, Hak-gi
AU - Lee, Changro
TI - Estimating Farmland Prices Using a Regression-Kriging Model
JO - The Korea Spatial Planning Review
PY - 2016
VL - 89
IS - null
PB - 국토연구원
SP - 39
EP - 53
SN - 1229-8638
AB - This study estimates farmland prices in Kimje City and analyzes the result empirically. Previous studies tend to utilize the income approach more often than not, which has limits in reflecting site-specific characteristics. Thus, we employ the market approach instead. The input data are prices of standard lots estimated by property valuation experts. We apply the market approach to the data and make the first use of the regression-kriging model which has advantage of dealing with both attribute and location information of farmland. When inspecting the model performance based on the test data, we confirmed that the price accuracy from the regression-kriging model was improved substantially compared with that of the usual regression model. That is, the estimated price became more accurate through spatial dependence being incorporated in the model building process. We also could avoid the subjectivity in quantifying spatial relationship using a kriging technique. This improvement is also confirmed visually through reviewing the spatial distribution of estimated-to-actual price ratios.
KW - Farmland Price;Market Approach;Spatial Dependence;Regression-Kriging Model
DO - 10.15793/kspr.2016.89..003
ER -

Son, Hak-gi and Lee, Changro. (2016). Estimating Farmland Prices Using a Regression-Kriging Model. The Korea Spatial Planning Review, 89, 39-53.

Son, Hak-gi and Lee, Changro. 2016, "Estimating Farmland Prices Using a Regression-Kriging Model", The Korea Spatial Planning Review, vol.89, pp.39-53. Available from: doi:10.15793/kspr.2016.89..003

Son, Hak-gi, Lee, Changro "Estimating Farmland Prices Using a Regression-Kriging Model" The Korea Spatial Planning Review 89 pp.39-53 (2016) : 39.

Son, Hak-gi, Lee, Changro. Estimating Farmland Prices Using a Regression-Kriging Model. 2016; 89 39-53. Available from: doi:10.15793/kspr.2016.89..003

Son, Hak-gi and Lee, Changro. "Estimating Farmland Prices Using a Regression-Kriging Model" The Korea Spatial Planning Review 89(2016) : 39-53.doi: 10.15793/kspr.2016.89..003

Son, Hak-gi; Lee, Changro. Estimating Farmland Prices Using a Regression-Kriging Model. The Korea Spatial Planning Review, 89, 39-53. doi: 10.15793/kspr.2016.89..003

Son, Hak-gi; Lee, Changro. Estimating Farmland Prices Using a Regression-Kriging Model. The Korea Spatial Planning Review. 2016; 89 39-53. doi: 10.15793/kspr.2016.89..003

Son, Hak-gi, Lee, Changro. Estimating Farmland Prices Using a Regression-Kriging Model. 2016; 89 39-53. Available from: doi:10.15793/kspr.2016.89..003

Son, Hak-gi and Lee, Changro. "Estimating Farmland Prices Using a Regression-Kriging Model" The Korea Spatial Planning Review 89(2016) : 39-53.doi: 10.15793/kspr.2016.89..003