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Segmenting agricultural land market according to development potential: A latent class approach = Mengasingkan pasaran tanah pertanian menurut potensi pembangunan: Pendekatan kelas terpendam

Khalid, Haniza (2017) Segmenting agricultural land market according to development potential: A latent class approach = Mengasingkan pasaran tanah pertanian menurut potensi pembangunan: Pendekatan kelas terpendam. Jurnal Ekonomi Malaysia, 51 (1). pp. 145-157. ISSN 0126-1962

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Abstract

Not all farmlands are purchased for farming. Where development pressures are strong and urban boundaries still fluid, some farmlands are purchased for non-agricultural purposes. However, since the future development use is not evident or pre-determined at the time of transaction, the farmland market may appear to operate as one albeit with latent segments. Analyses of land price determinants should involve some measures to ascertain the cause and the degree of functional segmentation in the market, so that the shadow prices of different land attributes can be differentiated by market segments. Using an extensive dataset of over 2,000 Malaysian farmland sales, our Latent Class Analysis confirms that there are two underlying distinct distributions and that within each distribution, relationships between variables display considerable local independence. Strength of potential drivers of farmland price is proven to differ according to segments. In addition, we are able to show that the segment classification results based on the parcel’s ‘developability’ was fairly accurate when compared to the classification given by official land valuation documents. This exercise proves that unobserved segmentation can be predicted with a reasonable degree of accuracy simply by letting the data ‘speak for itself’. In terms of agricultural support funding, the segmentation may allow for the country’s better targeting of recipients and refinement of farm support programs Tidak semua tanah pertanian dibeli untuk tujuan pertanian. Di kawasan yang mana tekanan pembangunan adalah kuat dan sempadan antara bandar dan luar bandar masih tidak jelas, banyak tanah kebun dibeli untuk tujuan bukan pertanian. Guna-tanah masa depan boleh berubah-ubah dan tidak dapat dijangka dengan tepat pada tempoh urusan jual beli. Oleh kerana ini, kita boleh perhatikan bahawa pasaran tanah pertanian selalunya mempunyai pelbagai segmen terpendam, iaitu berdasarkan perbezaan niat sipembeli. Analisis penentu harga tanah haruslah melibatkan langkah untuk menentukan punca dan tahap segmentasi pasaran yang berlaku, supaya harga bayangan bagi setiap atribut tanah boleh dibezakan mengikut segmen pasaran masing-masing. Dengan menggunakan set data yang besar iaitu lebih 2,000 data jualan tanah pertanian di Malaysia, Analisa Kelas Pendam kami telah mengesahkan bahawa terdapat dua taburan yang berbeza dan bahawa dalam kedua-dua taburan/segmen, hubungan antara pemboleh ubah adalah berlainan. Kekuatan setiap faktor yang mempengaruhi harga tanah pertanian terbukti berbeza mengikut segmen. Selain itu, kami dapat menunjukkan bahawa hasil pengasingan segmen berdasarkan ‘daya maju’ sesebuah plot tanah adalah hampir sama dengan pengelasan yang dibuat Jabatan Penilaian Harta. Kajian ini membuktikan bahawa segmen terpendam masih boleh diramal dengan tahap ketepatan yang munasabah dengan kaedah membiarkan data ‘bercakap untuk dirinya sendiri’. Menerusi pengasingan kelas terpendam di dalam pasaran tanah pertanian, pihak pembuat polisi dapat membuat sasaran polisi dan penghalusan program yang lebih tepat untuk memajukan sektor pertanian.

Item Type: Article (Journal)
Additional Information: 3350/57984
Uncontrolled Keywords: Latent class models (C38); farmland prices (Q1); hedonic price model (Q13); functional segmentation Model kelas terpendam (C38); harga tanah pertanian (Q1); model harga hedonik (S13); segmentasi mengikut fungsi
Subjects: H Social Sciences > HA Statistics > HA29 Theory and method of social science statistics
H Social Sciences > HB Economic Theory > HB131 Methodology.Mathematical economics. Quantitative methods
H Social Sciences > HB Economic Theory > HB221 Price
H Social Sciences > HB Economic Theory > HB522 Income. Factor shares.Interest.Profit.Entrepreneurship
H Social Sciences > HD Industries. Land use. Labor > HD101 Land use
H Social Sciences > HD Industries. Land use. Labor > HD1401 Agriculture
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User: Dr. Haniza Khalid
Date Deposited: 15 Aug 2017 15:16
Last Modified: 23 Jan 2018 11:44
URI: http://irep.iium.edu.my/id/eprint/57984

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