The inclusion of spatial correlation of house price in hedonic pricing model may produce better marginal implicit price estimate(s) of the environmental variable(s) of interest. Most applications where a spatial econometric model is applied to the estimation of a hedonic property value model...

Using county data for West Virginia, Maryland, and Pennsylvania, estimation of a system of simultaneous equations shows that population growth, higher taxes, high farmland value, and high initial per capita income accelerate farmland development, but return on farmland, government assistance to...