Many farmland valuation studies rely on survey estimates to form the dependent variable in a first-stage hedonic model. This study, based in New York State, provides a microscale comparison of transaction prices and producers’ market value estimates from the U.S. Department of Agriculture’s June Area Survey. Although we find similar weighted value distributions, regression results identify differences in marginal effect estimates and illustrate how market thinness plays a role in the comparability of observed transaction prices and self-reported values. The findings have implications for future hedonic studies, including insights into behavioral differences concerning how farmers and market participants perceive the value of farmland. (JEL Q11, Q51)

中文翻译：

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跟随市场？使用销售价格与自我报告价值的享乐农田估值

许多农田估价研究依赖于调查估计来形成第一阶段特征模型中的因变量。本研究以纽约州为基地，对美国农业部 6 月区域调查中的交易价格和生产者市场价值估计进行了微观比较。尽管我们发现了类似的加权价值分布，回归结果确定了边际效应估计的差异，并说明了市场稀薄如何在观察到的交易价格和自我报告价值的可比性中发挥作用。这些发现对未来的享乐研究具有重要意义，包括深入了解农民和市场参与者如何看待农田价值的行为差异。(JEL Q11, Q51)