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An Empirical Examination of the Timing of Land Conversions in the Presence of Farmland Preservation Programs

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  • Nancy Bockstael

Abstract

Using a panel of parcel-level data we estimate a hazard model and find strong evidence that the mere existence of an option to preserve farmland delays decisions to convert farmland to developed uses by about six years, a reduction in median conversion time of 12 to 43% depending on parcel size. Where such delays allow local governments to improve infrastructure or implement stricter growth control measures, benefits of a preservation option may be even more long term. Also, increases in the variance of returns to development tended to slow conversion for parcels with all but the highest lot capacities. Copyright 2008, Oxford University Press.

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  • Nancy Bockstael, 2008. "An Empirical Examination of the Timing of Land Conversions in the Presence of Farmland Preservation Programs," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(3), pages 613-626.
  • Handle: RePEc:oup:ajagec:v:90:y:2008:i:3:p:613-626
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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2007.01131.x
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