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Implicit Prices of Wetland Easements in Areas of Production Agriculture

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Listed:
  • Steven D. Shultz
  • Steven J. Taff

Abstract

Impacts of Fish and Wildlife Service wetland easements on agricultural land values in North Dakota were estimated by regressing sale prices on physical and institutional characteristics of sold parcels. While easements on temporary wetlands did not influence prices, each additional acre of permanent wetland under easement decreased average prices by $321 (–79%). Because non-eased permanent wetlands were shown to reduce land prices by $161/acre, we can estimate the implicit price of a wetland easement per se to be $160/ acre—6% below historical easement payment levels in the study area.

Suggested Citation

  • Steven D. Shultz & Steven J. Taff, 2004. "Implicit Prices of Wetland Easements in Areas of Production Agriculture," Land Economics, University of Wisconsin Press, vol. 80(4).
  • Handle: RePEc:uwp:landec:v:80:y:2004:i:4:p501-512
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    References listed on IDEAS

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    1. Abebayehu Tegene & Keith Wiebe & Betsey Kuhn, 1999. "Irreversible Investment Under Uncertainty: Conservation Easements and the Option to Develop Agricultural Land," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(2), pages 203-219.
    2. Raymond B. Palmquist, 1989. "Land as a Differentiated Factor of Production: A Hedonic Model and Its Implications for Welfare Measurement," Land Economics, University of Wisconsin Press, vol. 65(1), pages 23-28.
    3. Brent L. Mahan & BStephen Polasky & Richard M. Adams, 2000. "Valuing Urban Wetlands: A Property Price Approach," Land Economics, University of Wisconsin Press, vol. 76(1), pages 100-113.
    4. Charles H. Barnard & Gerald Whittaker & David Westenbarger & Mary Ahearn, 1997. "Evidence of Capitalization of Direct Government Payments into U.S. Cropland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1642-1650.
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    Citations

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    Cited by:

    1. Shultz, Steven & Pool, Duane, 2005. "The Impact of Combined Grass and Wetland Easements on Agricultural Land Values in South Dakota," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers.
    2. Ay, Jean-Sauveur & Latruffe, Laure, 2013. "The Empirical Content of the Present Value Model: A survey of the instrumental uses of farmland prices," Working Papers 157112, Factor Markets, Centre for European Policy Studies.
    3. Tsoodle, Leah J. & Featherstone, Allen M. & Golden, Bill B., 2005. "Estimating the Market Value of Agricultural Land in Kansas Using a Combination of Hedonic and Negative Exponential Techniques," Proceedings: 2005 Agricultural and Rural Finance Markets in Transition,October 3-4, 2005; Minneapolis, Minnesota 132763, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
    4. Grout, Cyrus A. & Jaeger, William K. & Plantinga, Andrew J., 2011. "Land-use regulations and property values in Portland, Oregon: A regression discontinuity design approach," Regional Science and Urban Economics, Elsevier, vol. 41(2), pages 98-107, March.
    5. Chad Lawley, 2014. "Changes in Implicit Prices of Prairie Pothole Habitat," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 62(2), pages 171-190, June.
    6. Carriazo, Fernando & Ready, Richard & Shortle, James, 2013. "Using stochastic frontier models to mitigate omitted variable bias in hedonic pricing models: A case study for air quality in Bogotá, Colombia," Ecological Economics, Elsevier, vol. 91(C), pages 80-88.
    7. Moriah B. Bostian. & Pierre Dupraz & Jean Joseph Minviel, 2015. "Production effects of wetland conservation: evidence from France," Working Papers SMART - LERECO 15-12, INRA UMR SMART-LERECO.

    More about this item

    JEL classification:

    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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