Additional Evidence on the Homogeneity of the Value of Government Grazing Leases and Changing Attributes for Ranch Values
Using Wyoming ranch sales from 1979-1983 and 1989-1993, this study investigates how ranch value determining attributes may have changed over this period. The 1979-1983 period is one of political stability and rising prices. In constrast, the 1989-1993 period is one of political uncertainty but stable prices. It is found, during 1989-1993, ranch prices were based more on productivity; whereas, during the earlier period, prices were based more on speculative potential. Also, it is found that government grazing leases were valued differently between time periods, ecological regions, and types of leases. This suggests that the current single-price grazing fee commonly used misprices many leases. Because of the heterogeneity in the value of grazing leases, we recommend a variable-fee form of pricing be adopted.
Volume (Year): 10 (1995)
Issue (Month): 5 ()
|Contact details of provider:|| Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323|
Web page: http://www.aresnet.org/
|Order Information:|| Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323|
Web: http://pages.jh.edu/jrer/about/get.htm Email:
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- B. Delworth Gardner, 1963. "A Proposal to Reduce Misallocation of Livestock Grazing Permits," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 45(1), pages 109-120.
- Torell, L. Allen & Doll, John P., 1991. "Public Land Policy And The Value Of Grazing Permits," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(01), July.
- 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.
- N. K. Roberts, 1963. "Economic Foundations for Grazing Use Fees on Public Lands," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 45(4), pages 721-731.
When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:10:n:5:1995:p:601-616. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (JRER Graduate Assistant/Webmaster)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.