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Purchase of Development Rights and the Economics of Easements

Author

Listed:
  • Buist, Henry
  • Fischer, Carolyn
  • Michos, John
  • Tegene, Abebayehu

Abstract

Since the 1970's, an increasing number of State and local governments have administered purchase of development rights programs (PDR's) that use easements to protect farmland and similar lands from conversion to other land uses, such as residential development. The economic principles, issues, and problems underlying these farmland protection programs are broadly examined, with an emphasis on basic design and implementation aspects of easement programs. Other issues, such as the role of private land trusts in farmland protection, are also discussed.

Suggested Citation

  • Buist, Henry & Fischer, Carolyn & Michos, John & Tegene, Abebayehu, 1995. "Purchase of Development Rights and the Economics of Easements," Agricultural Economic Reports 308424, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerser:308424
    DOI: 10.22004/ag.econ.308424
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    References listed on IDEAS

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    1. Kenneth J. Arrow & Anthony C. Fisher, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 4, pages 76-84, Palgrave Macmillan.
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    Cited by:

    1. Parkhurst, Gregory M. & Shogren, Jason F. & Bastian, Chris & Kivi, Paul & Donner, Jennifer & Smith, Rodney B. W., 2002. "Agglomeration bonus: an incentive mechanism to reunite fragmented habitat for biodiversity conservation," Ecological Economics, Elsevier, vol. 41(2), pages 305-328, May.
    2. Kline, Jeffrey & Wichelns, Dennis, 1998. "Measuring heterogeneous preferences for preserving farmland and open space," Ecological Economics, Elsevier, vol. 26(2), pages 211-224, August.
    3. Abebayehu Tegene & Keith Wiebe & Betsey Kuhn, 1999. "Irreversible Investment Under Uncertainty: Conservation Easements and the Option to Develop Agricultural Land," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(2), pages 203-219, May.

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