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Land Values in Frontier Settlements of the Brazilian Amazon

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  • Merry, Frank
  • Amacher, Gregory
  • Lima, Eirivelthon
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    Abstract

    Summary Even in the absence of formal land markets, estimated values on agricultural frontiers of the Brazilian Amazon reflect the value-adding characteristics of the land. Understanding these characteristics provides important insights to the incentives (or dis-incentives) to protect tropical forests and reduce deforestation. A hedonic model is used to identify characteristics determining smallholder land values on the Amazon frontier. Years on the lot, area under agricultural production, and house values were found to add value; while distance from the nearest city and area under forest decreased values. Characteristics that do not appear to significantly affect land value include pasture area and the claim to hold definitive title. By not adding significantly to land values, pasture may be used to establish property rights rather than to increase land value through positive rents. Our results also confirm the underutilization of the forest resource by smallholders.

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    Bibliographic Info

    Article provided by Elsevier in its journal World Development.

    Volume (Year): 36 (2008)
    Issue (Month): 11 (November)
    Pages: 2390-2401

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    Handle: RePEc:eee:wdevel:v:36:y:2008:i:11:p:2390-2401

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    Web page: http://www.elsevier.com/locate/worlddev

    Related research

    Keywords: Brazil Amazon smallholder land value hedonic model;

    References

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    1. Lavin, Angeline M & Zorn, Thomas S, 2001. "Empirical Tests of the Fundamental-Value Hypothesis in Land Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 22(1), pages 99-116, January.
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    3. Can, Ayse, 1992. "Specification and estimation of hedonic housing price models," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 453-474, September.
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    5. 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.
    6. Lloyd, Tim, 1994. "Testing a Present Value Model of Agricultural Land Values," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 56(2), pages 209-23, May.
    7. Smith, V Kerry & Huang, Ju-Chin, 1995. "Can Markets Value Air Quality? A Meta-analysis of Hedonic Property Value Models," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 209-27, February.
    8. Yue Jin Shi & Timothy T. Phipps & Dale Colyer, 1997. "Agricultural Land Values under Urbanizing Influences," Land Economics, University of Wisconsin Press, vol. 73(1), pages 90-100.
    9. J. S. Shonkwiler & J. E. Reynolds, 1986. "A Note on the Use of Hedonic Price Models in the Analysis of Land Prices at the Urban Fringe," Land Economics, University of Wisconsin Press, vol. 62(1), pages 58-63.
    10. David L. Chicoine, 1981. "Farmland Values at the Urban Fringe: An Analysis of Sale Prices," Land Economics, University of Wisconsin Press, vol. 57(3), pages 353-362.
    11. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    12. Patrick de Fontnouvelle & Sergio H. Lence, 2002. "Transaction Costs and the Present Value “Puzzle” of Farmland Prices," Southern Economic Journal, Southern Economic Association, vol. 68(3), pages 549-565, January.
    13. Perz, Stephen G. & Walker, Robert T., 2002. "Household Life Cycles and Secondary Forest Cover Among Small Farm Colonists in the Amazon," World Development, Elsevier, vol. 30(6), pages 1009-1027, June.
    14. Kenneth M. Chomitz & Timothy S. Thomas, 2003. "Determinants of Land Use in Amaz�nia: A Fine-Scale Spatial Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(4), pages 1016-1028.
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    Cited by:
    1. F. Souty & T. Brunelle & P. Dumas & B. Dorin, & P. Ciais & R. Crassous, 2012. "The Nexus Land-Use Model, an Approach Articulating Biophysical Potentials and Economic Dynamics to Model Competition for Land-Uses," Working Papers 2012.16, Fondazione Eni Enrico Mattei.
    2. Patrick Doupe, 2014. "Reduced Deforestation and Economic Growth," CCEP Working Papers 1402, Centre for Climate Economics & Policy, Crawford School of Public Policy, The Australian National University.

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