Irrigated land value estimates from land prices
Keywords:
precios de la tierra, Precios hedónicos, valoración del regadío.Abstract
In this paper, we estimate the value of irrigated land in the province of Leon (Spain) using land prices (irrigated and non irrigated) for two different uses (crop production and pasture) in ten different districts. The value of benefits associated with irrigation can be estimated by comparing the price of an irrigated plot of land with a similar plot of non irrigated land. The logical difficulty of finding these two similar (except for water) plots of land can be overcome using regression analysis where the effect of irrigation on land prices can be estimated after controlling for other differences in the plots of land analyzed. In the present paper, using an econometric model, we estimate the average prices associated with irrigated and non irrigated land. The difference among these average prices is an estimate of the value of irrigation. The results of this paper can be used in the analysis of new irrigation projects.
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Published
2011-10-23
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