Hedonic Model and Software for Land Pricing and Selecting Key Feature of Land Price

Received: 22-07-2015

Accepted: 03-09-2015

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Issue: Vol. 13 No. 6 (2015)

Section:

KỸ THUẬT VÀ CÔNG NGHỆ

How to Cite:

Quynh, T., & Hanh, B. (2024). Hedonic Model and Software for Land Pricing and Selecting Key Feature of Land Price. Vietnam Journal of Agricultural Sciences, 13(6), 989–998. http://testtapchi.vnua.edu.vn/index.php/vjasvn/article/view/1532

Hedonic Model and Software for Land Pricing and Selecting Key Feature of Land Price

Tran Duc Quynh (*) 1 , Bui Nguyen Hanh 2

  • 1 Khoa Công nghệ Thông tin, Học viện Nông nghiệp Việt nam
  • 2 Khoa Quản lý đất đai, Học viện Nông nghiệp Việt Nam

    • Abstract


    Land pricing and determining the key factors of the land price are useful for land use planning and for the banking. At present, landprice estimation is relied ontraditional methods. These methods largely depend onanalysis and intervention by pricing staff, thus, may not be free of subjective mistakes and non-transparency. In this study, we proposeda method for land pricing based on hedonic model. This model was introduced by Lancaster in 1966 and has many applications in economicsincluding land pricing. Usually, for each region, various particularmathematical models arechosen and tested. In this paper, we investigateda linear model and a secondorder model in combination withpenalty technique to select the key factorsaffecting land price. The optimal parameters were obtained by solving convex optimization problems. A demo software to calculate the optimal parameters and to evaluate the error was developped. Numerical results with data collected from Long Bien district showedthat the proposed method is potentially promising.

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