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Landowner Incentives to Participate in a Purchase of Development Rights Program with Application To Maryland

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  • Phipps, Tim

Abstract

A theory-based participation model is developed using the assumptions of perfect capital markets and perfect information. Given this specification it is shown that participation in a PDR program is always equivalent in present value terms to selling the land, and is always at least as good as not participating and remaining in farming. In order to investigate participation rates in the Maryland PDR program a less restrictive model is developed which relaxes the perfect capital markets assumption. It is found that a PDR program is most likely to be successful in regions characterized by relatively low levels of development pressure, and least likely to be successful in areas experiencing high rates of growth or areas that are not undergoing development pressure.

Suggested Citation

  • Phipps, Tim, 1983. "Landowner Incentives to Participate in a Purchase of Development Rights Program with Application To Maryland," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 12(1), pages 1-5.
    • Handle: RePEc:ags:nareaj:159511
    DOI: 10.22004/ag.econ.159511
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    References listed on IDEAS

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    1. Gary Wolfram, 1981. "The Sale of Development Rights and Zoning in the Preservation of Open Space: Lindahl Equilibrium and a Case Study," Land Economics, University of Wisconsin Press, vol. 57(3), pages 398-413.
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    Cited by:

    1. Joshua Duke & Lori Lynch, 2007. "Gauging support for innovative farmland preservation techniques," Policy Sciences, Springer;Society of Policy Sciences, vol. 40(2), pages 123-155, June.
    2. Boggess, William G., 1986. "Implementing The Conservation Reserve Provisions: Potential Risks Facing Farmers," Regional Research Projects > 1986: S-180 Annual Meeting, March 23-26, 1986, Tampa, Florida 272077, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    3. Wichelns, Dennis & Kline, Jeffrey D., 1993. "The Impact Of Parcel Chracteristics On The Cost Of Development Rights To Farmland," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 22(2), pages 1-9, October.
    4. Joshua M. Duke & Lori Lynch, 2006. "Farmland Retention Techniques: Property Rights Implications and Comparative Evaluation," Land Economics, University of Wisconsin Press, vol. 82(2), pages 189-213.
    5. Anderson, Glen D., 1984. "Participation In Voluntary Transfer Of Development Rights Programs: Landowner Incentives And Design Issues," 1984 Annual Meeting, August 5-8, Ithaca, New York 278911, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Horowitz, John K. & Lynch, Lori, 2003. "Getting The Most For Our Money In Farmland Preservation," 2003 Annual meeting, July 27-30, Montreal, Canada 22128, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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