A quick assessment from expert judgements to assist in farmland valuation

Manuel Franco Nicolás ^[1] ; Juana María Vivo Molina ^[1] ; Rafael Herrerías Pleguezuelo ^[2]
1. [1] Universidad de Murcia
  
  Universidad de Murcia
  
  Murcia, España
2. [2] Univerdidad de Granada. España
Localización: Land use policy: The International Journal Covering All Aspects of Land Use, ISSN 0264-8377, ISSN-e 1873-5754, Nº. 46, 2015, págs. 324-329
Idioma: inglés
DOI: 10.1016/j.landusepol.2015.03.008
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Resumen
- Land is the most important agricultural asset, farmland transactions are generally not recurring actions for most buyers and sellers, thus it is often required reliable information from expert judgements. This paper presents a quick asset pricing method under uncertainty, based on the use of two reliability functions, a multidimensional index of characteristics or qualities influencing on the market value and the expert judgments, which overcomes the disadvantages of the valuation method based on two distribution functions for a multidimensional quality index. The usefulness of this method is illustrated through an empirical application on farmland pricing in South-East Spain, using a two-dimensional quality index.