Exploring the Factors That Influence the Market Value of Small Farms in Romania

The study aims to analyse factors that influence the market value of small farms in Romania. The research methodology involved a Gibbs sampling and updates of the Metropolis-Hastings algorithm. Findings demonstrate distinction in the estimated market values of small farms and their features across households and explain the role and influence of socio-economic, institutional, and marketing factors. The impact of the independent variables shows that the level of education, support for agri-environmental activities, unfavourable areas and sales to processing plants, have positively influenced the estimated market value of small farms.