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Private Land Conservation and Public Policy: Land Trusts, Land Owners, and Conservation Easements

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  • Dominic P. Parker
  • Walter N. Thurman

Abstract

We highlight the extraordinary growth in private conservation via land trusts and conservation easements and describe the problems arising from the interplay of public finance and private decisions. We offer a framework for understanding the popularity of easements and land trusts and for evaluating policy reforms aimed at improving their performance. The framework, grounded in institutional and organizational economics in the tradition of Ronald Coase, Oliver Williamson, and Yoram Barzel, focuses on the measurement and monitoring costs faced by public and private stakeholders under current and prospective policy arrangements. We illustrate how the framework can be applied to contemporary debates about the appropriate tax treatment of donated easements, requirements that they be held in perpetuity, and the extent to which government should regulate private land trusts.

Suggested Citation

  • Dominic P. Parker & Walter N. Thurman, 2019. "Private Land Conservation and Public Policy: Land Trusts, Land Owners, and Conservation Easements," Annual Review of Resource Economics, Annual Reviews, vol. 11(1), pages 337-354, October.
    • Handle: RePEc:anr:reseco:v:11:y:2019:p:337-354
    DOI: 10.1146/annurev-resource-100518-094121
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    Citations

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    Cited by:

    1. Claron, Charles & Mikou, Mehdi & Levrel, Harold & Tardieu, Léa, 2022. "Mapping urban ecosystem services to design cost-effective purchase of development rights programs: The case of the Greater Paris metropolis," Land Use Policy, Elsevier, vol. 122(C).
    2. Joshua D. Carrell & Edward Hammill & Thomas C. Edwards, 2022. "Balancing Rare Species Conservation with Extractive Industries," Land, MDPI, vol. 11(11), pages 1-16, November.
    3. Karwowski, Nicole, 2023. "The Effects of Wetland Easements on Agricultural Yields," 2023 Annual Meeting, July 23-25, Washington D.C. 335462, Agricultural and Applied Economics Association.
    4. Kathryn N. Braddock & Joel T. Heinen, 2021. "Perceptions of, and Motivations for, Land Trust Conservation in Northern Michigan: An Analysis of Key Informant Interviews," Sustainability, MDPI, vol. 13(4), pages 1-14, February.
    5. Kalinin, Alexey V. & Sims, Katharine R.E. & Meyer, Spencer R. & Thompson, Jonathan R., 2023. "Does land conservation raise property taxes? Evidence from New England cities and towns," Journal of Environmental Economics and Management, Elsevier, vol. 119(C).
    6. Ruiqing Miao & David A. Hennessy & Hongli Feng, 2022. "Grassland easement evaluation and acquisition with uncertain conversion and conservation returns," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 70(1), pages 41-61, March.
    7. Chuan Yang & Mingfeng Li & Ziqi Wang, 2022. "A Bibliometric Analysis on Conservation Land Trust and Implication for China," IJERPH, MDPI, vol. 19(19), pages 1-18, October.
    8. Bigelow, Daniel, 2023. "Do agricultural conservation easements promote farm investment?," 2023 Annual Meeting, July 23-25, Washington D.C. 335832, Agricultural and Applied Economics Association.
    9. Arora, Gaurav & Feng, Hongli & Hennessy, David A. & Loesch, Charles R. & Kvas, Susan, 2021. "The impact of production network economies on spatially-contiguous conservation– Theoretical model with evidence from the U.S. Prairie Pothole Region," Journal of Environmental Economics and Management, Elsevier, vol. 107(C).

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