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Implicit Prices of Wetland Easements in Areas of Production Agriculture

  • Steven D. Shultz
  • Steven J. Taff

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.

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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 80 (2004)
Issue (Month): 4 ()

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Handle: RePEc:uwp:landec:v:80:y:2004:i:4:p501-512
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  1. 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.
  2. 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.
  3. 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.
  4. 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.
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