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Public Land Policy And The Value Of Grazing Permits

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  • Torell, L. Allen
  • Doll, John P.
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    Abstract

    This article provides an empirical test of the traditional theory of permit value and investigates the impact of recent changes in public land policies on the value of grazing permits. Results suggest that the cost advantage for grazing on public lands has been capitalized into substantial permit values, but other economic and hedonic factors influencing land prices also have contributed to the value of grazing permits. Public land grazing permits have fallen in value relative to deeded land as grazing fees have increased and as assurance has waned that public land policies will continue to be favorable to ranchers.

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    File URL: http://purl.umn.edu/32630
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    Bibliographic Info

    Article provided by Western Agricultural Economics Association in its journal Western Journal of Agricultural Economics.

    Volume (Year): 16 (1991)
    Issue (Month): 01 (July)
    Pages:

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    Handle: RePEc:ags:wjagec:32630

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    Web page: http://waeaonline.org/
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    Related research

    Keywords: Land Economics/Use;

    References

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    1. John R. Winter & James K. Whittaker, 1981. "The Relationship between Private Ranchland Prices and Public-Land Grazing Permits," Land Economics, University of Wisconsin Press, vol. 57(3), pages 414-421.
    2. Richard W. Dunford & Carole E. Marti & Ronald C. Mittelhammer, 1997. "A Case Study of Rural Land Prices at the Urban Fringe Including Subjective Buyer Expectations," Land Economics, University of Wisconsin Press, vol. 62(1), pages 10-16.
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    Cited by:
    1. Ronald W. Spahr & Mark A. Sunderman, 1995. "Additional Evidence on the Homogeneity of the Value of Government Grazing Leases and Changing Attributes for Ranch Values," Journal of Real Estate Research, American Real Estate Society, vol. 10(5), pages 601-616.
    2. McLeod, Donald M. & Bastian, Christopher T. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 1999. "The Contribution Of Environmental Amenities To Agricultural Land Values: Hedonic Modelling Using Geographic Information Systems Data," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35707, Western Agricultural Economics Association.
    3. Ronald W. Spahr & Mark A. Sunderman, 1999. "Valuation of Property Surrounding a Resort Community," Journal of Real Estate Research, American Real Estate Society, vol. 17(2), pages 227-244.
    4. Anderson, David P. & Mintert, James R. & Brester, Gary W., 1998. "The North American Livestock Industry: A U.S. Perspective," Economic Harmonization in the Canadian\U.S.\Mexican Grain-Livestock Subsector; Proceedings of the 4th Agricultural and Food Policy Systems... 1998 16765, Farm Foundation, Agricultural and Food Policy Systems Information Workshops.
    5. Mark A. Sunderman & Ronald W. Spahr, 1994. "The Valuation of Undeveloped Land: A Reconciliation of Methods," Journal of Real Estate Research, American Real Estate Society, vol. 9(2), pages 179-196.
    6. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.
    7. Kohn, Robert E., 1995. "Theoretically efficient pricing for commercial uses of public land resources," Resources Policy, Elsevier, vol. 21(1), pages 53-60, March.

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