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Multivariate Procedures for Identifying Rural Land Submarkets

Published online by Cambridge University Press:  28 April 2015

Gary A. Kennedy ,
Steven A. Henning ,
Lonnie R. Vandeveer  and
Ming Dai
Gary A. Kennedy
Affiliation:
Department of Agriculture, Northeast Louisiana University Department of Agricultural Economics and Agribusiness, Louisiana State University
Steven A. Henning
Affiliation:
Department of Agricultural Economics and Agribusiness, Louisiana State University
Lonnie R. Vandeveer
Affiliation:
Department of Agricultural Economics and Agribusiness, Louisiana State University
Ming Dai
Affiliation:
Department of Agricultural Economics and Agribusiness, Louisiana State University
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Abstract

Research has developed empirical models and procedures for analyzing factors which influence rural land markets; however, there have been limited efforts in developing procedures for identifying rural land submarkets. Principal component analysis is used here to detect the presence of multiple rural land submarkets. Cluster analysis is then used as a basis for identifying eight contiguous rural land submarkets in Louisiana. As opposed to single-attribute procedures that have been based largely on subjective judgment, multivariate procedures illustrated in this analysis provide a means for capturing the combined effects of physical and socioeconomic influences in delineating rural land submarkets.

Keywords

cluster analysisland market analysisprincipal component analysisrural land submarkets
Type
Articles
Information
Journal of Agricultural and Applied Economics , Volume 29 , Issue 2 , December 1997 , pp. 373 - 383
Copyright
Copyright © Southern Agricultural Economics Association 1998

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