“…With regard to the set of variables explaining land values, three dominant research approaches can be distinguished (Larson, 2015): the residual approach, as found in the work of Case (2007), Davis and Heathcote (2007), and Davis (2009); spatial analyses of transactions, as in Haughwout, Orr, and Bedoll (2008) and Nichols, Oliner, and Mulhall (2013); and hedonic methods, as in Diewert (2010) and de Haan, Diewert, and Hendriks (2011).…”