The Effects of Aquifer Characteristics and Other Factors on Land Values in the Southern High Plains of Texas, 1974-1979

This thesis examlned the characteristics associated with individual land parcels that were actually sold during 197^ through 1979 for the 15-county area of the Ogallala Aquifer in the Southern High Plains of Texas. The sample examined represented over 90 percent of the total number of parcels sold for the study period. Characteristics associated with the aquifer, that is the gallons per minute potential, the size in acres of a parcel, and the distance in miles from the closer of Lubbock or Amarillo,were found to have the greatest impact of those studied on the price per acre of rural land in the study area. The parameter estimates, which were also the price elasticities with respect to the characteristics, were 0.3103, -0.28U3 and -O.2961, respectively. All of the variables studied yielded parameter estimates that were statistically significant except the natural log of the pumping lift in Model 3. However, on a county by county basis there were several parameter estimates found to be not statistically significant.