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The Valuation of Undeveloped Land: A Reconciliation of Methods



This paper investigates the value and proposes a public policy regarding government grazing leases. It is found that federal grazing leases have little impact upon the value of ranches. It is speculated that state leases are valued more highly than federal grazing leases because of the higher level of certainty of future availability and reasonable leasing fees. Based on these findings, this paper recommends a change in the classification of multiple use and possible divesting of much of the BLM lands. In addition, it is recommended that the federal government should set grazing rates no higher than their fair market value and attempt to reduce the uncertainty regarding future availability.

Suggested Citation

  • Mark A. Sunderman & Ronald W. Spahr, 1994. "The Valuation of Undeveloped Land: A Reconciliation of Methods," Journal of Real Estate Research, American Real Estate Society, vol. 9(2), pages 179-196.
  • Handle: RePEc:jre:issued:v:9:n:2:1994:p:179-196

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    References listed on IDEAS

    1. 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.
    2. 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.
    3. Wyckoff, J.B., 1977. "Allocation Problems Of Public Lands In The West," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 2, December.
    4. 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..
    5. 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.
    6. 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.
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    JEL classification:

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


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