Proceedings of the 2022 International Conference on mathematical statistics and economic analysis (MSEA 2022)

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Research on Influencing Factors of Land Rental Prices for Alfalfa Planting in Minnesota

Authors
Huyi Xiong1, *
1Faculty of Arts and Science, University of Toronto, Toronto, Canada
*Corresponding author. Email: huyi.xiong@mail.utoronto.ca
Corresponding Author
Huyi Xiong
Available Online 29 December 2022.
DOI
10.2991/978-94-6463-042-8_106How to use a DOI?
Keywords
linear regression; model selection; agricultural land rental price; alfalfa planting
Abstract

Agriculture is essential for human beings to survive. It not only provides food to eat and feed but also brings profits through exportation. Not all people own their lands, so they have to rent for planting. This study aims to analyze the factors contributing to the overall rental prices for alfalfa planting. It investigated the average rental prices of lands planting alfalfa in Minnesota under R package alr4 with 67 observations in the 1970s. Based on the pairwise correlation and scatterplot matrix, this paper suggested a simple linear regression model as a startup. After analyzing four diagnosis plots, the initial model failed the constant variance assumption. Then this paper built a new linear model containing all variables and their interactions. This new model produced the exact model under backward elimination AIC and BIC methods. A comparison of the initial model to the final model under ANOVA also had evidence supporting the final model. The average specialization rent is positively associated with the average rent for all tillable lands, density of cattle and pasture percentage; negatively associated with the interactions between the tillable and pastures as well as between the cattle and the fields. This study demonstrates a model available projecting the future rents as the changes in its predictors. It brings out an overview to farmers for budget preparation and land allocations.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 International Conference on mathematical statistics and economic analysis (MSEA 2022)
Series
Advances in Computer Science Research
Publication Date
29 December 2022
ISBN
978-94-6463-042-8
ISSN
2352-538X
DOI
10.2991/978-94-6463-042-8_106How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Huyi Xiong
PY  - 2022
DA  - 2022/12/29
TI  - Research on Influencing Factors of Land Rental Prices for Alfalfa Planting in Minnesota
BT  - Proceedings of the 2022 International Conference on mathematical statistics and economic analysis (MSEA 2022)
PB  - Atlantis Press
SP  - 741
EP  - 746
SN  - 2352-538X
UR  - https://doi.org/10.2991/978-94-6463-042-8_106
DO  - 10.2991/978-94-6463-042-8_106
ID  - Xiong2022
ER  -