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Is The Profit Motive An Important Determinant Of Grazing Land Use And Rancher Motive?

Author

Listed:
  • Torell, L. Allen
  • Bailey, Scott A.

Abstract

We build our economic models and estimate grazing policy impacts based on the standard economic model of profit maximization. Yet, over 30 years of research and observation has shown that, for many, consumptive and quality of life values are the most important reasons for the purchase of western ranches. Ranch buyers want an investment they can touch, feel and enjoy, and they have historically been willing to accept low returns from the livestock operation. Profit maximization appears to be an inadequate model for explaining rancher behavior; in estimating what impacts altered public land policies will have; and in de-scribing grazing land use and value. In this study, only 27% of the value of New Mexico ranches in the most productive rangeland areas was explained by livestock production potential. Economists and policy-makers must take the influences of both traditional livestock production and quality of life values into ac-count when determining appropriate policies for western rangelands.

Suggested Citation

  • Torell, L. Allen & Bailey, Scott A., 2000. "Is The Profit Motive An Important Determinant Of Grazing Land Use And Rancher Motive?," 2000 Annual Meeting, June 29-July 1, 2000, Vancouver, British Columbia 36451, Western Agricultural Economics Association.
    • Handle: RePEc:ags:waeava:36451
    DOI: 10.22004/ag.econ.36451
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    Cited by:

    1. Vasquez, Orestes & Wright, Khaliela S. & Nelson, James R. & Hamilton, Joel R., 2002. "Determining The Effects Of Land Characteristics On Farmland Values In South-Central Idaho," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California 36652, Western Agricultural Economics Association.
    2. Beasley, April & Nelson, James & Hamilton, Joel, 2005. "Econometric Analysis Of Development Pressure On Irrigated Farmland In The Boise Metro Area," A.E. Research Series 305037, University of Idaho, Department of Agricultural Economics and Rural Sociology.
    3. Vasquez, Orestes & Wright, Khaliela S. & Nelson, James R. & Hamilton, Joel R., 2002. "Determining The Effects Of Land Characteristics On Farmland Values In South-Central Idaho," A.E. Research Series 305034, University of Idaho, Department of Agricultural Economics and Rural Sociology.
    4. Beasley, April & Nelson, James & Stroschein, Ruby & Hamilton, Joel, 2007. "Determinants of Farmland Values In the Rapidly Developing Boise, Idaho Metro Area: Applying Mathematical Modeling to Highest and Best Use Analysis," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2007, pages 1-8.
    5. Ronald W. Spahr & Mark A. Sunderman, 2009. "A Model for Federal Public Land Surface Rights' Management," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 119-146.
    6. Nelson, James R. & Schumaker, Sarah, 2001. "Utilization Of Income Multipliers To Evaluate Development Pressures On Farmland In Canyon County, Idaho," A.E. Research Series 305026, University of Idaho, Department of Agricultural Economics and Rural Sociology.

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