Estimating the Market Value of Agricultural Land in Kansas Using a Combination of Hedonic and Negative Exponential Techniques

Given the importance of land valuation to the various stakeholders, the objective of this research is to develop a theoretically sound model that robustly estimates the market value of land in Kansas, accounting for urban influence. The market value of land is estimated using a hedonic model that includes factors related to urban sprawl. A semi-log hedonic model that combined site-specific characteristics with negative exponential distance functions was estimated. Results indicated that the upward, urban pressure on price is greater for Kansas City relative to Wichita. Kansas City had a much slower rate of decay than either Wichita or cities with a population of more than 10,000.