IDEAS home Printed from
   My bibliography  Save this article

A Relationship of Trust: Are State ?School Trust Lands? Being Prudently Managed for the Beneficiary?


  • Mark A. Sunderman

    () (University of Wyoming, Department of Economics and Finance, P.O. Box 3985, Laramie, WY 82071-3985)

  • Ronald W. Spahr

    () (College of Business and Management, University of Illinois at Springfield, One University Plaza, MS CBM 109, Springfield, IL 62703-5407)

  • Samuel Runyan

    () (University of Wyoming, Department of Economics and Finance, P.O. Box 3985, Laramie, WY 82071-3985)


Every state entering the Union in the United States since 1803 received land grants from the federal government for the support of their public schools. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage trust assets for the beneficiary, their school systems. This paper addresses the question of whether managers of trust lands are meeting their fiduciary responsibilities of ??maximum economic benefit?? for their beneficiaries. Realized market value-based economic returns from grazing lease revenues and capital appreciation for all twenty-three counties in Wyoming are compared with returns that may have been generated from alternative investment policy alternatives. Market values and capital appreciation for school trust lands in Wyoming are estimated from hedonic models formulated from ranch sales data and grazing revenue data.

Suggested Citation

  • Mark A. Sunderman & Ronald W. Spahr & Samuel Runyan, 2004. "A Relationship of Trust: Are State ?School Trust Lands? Being Prudently Managed for the Beneficiary?," Journal of Real Estate Research, American Real Estate Society, vol. 26(4), pages 345-370.
  • Handle: RePEc:jre:issued:v:26:n:4:2004:p:345-370

    Download full text from publisher

    File URL:
    File Function: Full text
    Download Restriction: no

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:26:n:4:2004:p:345-370. 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). General contact details of provider: .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.