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Estimating the Value of Water Use Permits: A Hedonic Approach Applied to Farmland in the Southeastern United States

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  • Ragan A. Petrie
  • Laura O. Taylor

Abstract

Agricultural irrigation permits in the Flint River Basin in Georgia had been routinely granted until a moratorium was placed on permit issuance in 1999. This research exploits this policy change within a hedonic-pricing framework to estimate the value of irrigation rights in the southeastern United States. While the value of irrigation rights has been studied extensively in the western United States, differences in property rights and legal regimes, as well as a lack of established water-rights markets in the eastern United States, leave us with little information regarding the value of irrigation rights in this setting.

Suggested Citation

  • Ragan A. Petrie & Laura O. Taylor, 2007. "Estimating the Value of Water Use Permits: A Hedonic Approach Applied to Farmland in the Southeastern United States," Land Economics, University of Wisconsin Press, vol. 83(3), pages 302-318.
  • Handle: RePEc:uwp:landec:v:83:y:2007:i:3:p:302-318
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    References listed on IDEAS

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    1. John Faux & Gregory M. Perry, 1999. "Estimating Irrigation Water Value Using Hedonic Price Analysis: A Case Study in Malheur County, Oregon," Land Economics, University of Wisconsin Press, vol. 75(3), pages 440-452.
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    Citations

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    Cited by:

    1. Chen, Susan Sou-I, 2010. "Hedonic Valuation of Timber Stands in the Great Lakes Northern Forests," Graduate Research Masters Degree Plan B Papers 98072, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    2. Yoo, James & Simonit, Silvio & Connors, John P. & Maliszewski, Paul J. & Kinzig, Ann P. & Perrings, Charles, 2013. "The value of agricultural water rights in agricultural properties in the path of development," Ecological Economics, Elsevier, vol. 91(C), pages 57-68.
    3. Mukherjee, Monobina & Schwabe, Kurt A., 2012. "Valuing Access To Multiple Water Supply Sources In Irrigated Agriculture With A Hedonic Pricing Model," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124604, Agricultural and Applied Economics Association.
    4. Eric C. Edwards, 2016. "What Lies Beneath? Aquifer Heterogeneity and the Economics of Groundwater Management," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 3(2), pages 453-491.
    5. Steven M. Smith, 2017. "From Decentralized to Centralized Irrigation Management," Working Papers 2017-09, Colorado School of Mines, Division of Economics and Business.
    6. Savage, Jeff & Ifft, Jennifer, 2015. "The Impact of Irrigation Restrictions on Cropland Values in Nebraska," Working Papers 250021, Cornell University, Department of Applied Economics and Management.
    7. Shultz, Steven, 2010. "Hedonic Price Modeling to Value Irrigated Agriculture Across a River Basin," Western Economics Forum, Western Agricultural Economics Association, vol. 9(02).
    8. Daniel A. Brent, 2014. "The Value of Heterogeneous Property Rights and the Costs of Water Volatility," Monash Economics Working Papers 45-14, Monash University, Department of Economics.
    9. Savage, Jeffrey & Ifft, Jennifer, 2013. "Does Pumping Pay: Groundwater Management Institutions and Cropland Values in Nebraska?," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150581, Agricultural and Applied Economics Association.
    10. Mabel Tidball & Jean-Philippe Terreaux, 2008. "Information revelation through irrigation water pricing using volume reservations," Working Papers 08-14, LAMETA, Universtiy of Montpellier, revised Sep 2008.
    11. Yoo, James & Perrings, Charles & Kinzig, Ann & Abbott, Joshua K. & Simonit, Silvio & Connors, John P. & Maliszewski, Paul J., 2012. "The Value of Water Rights in Agricultural Properties in the Phoenix Active Management Area," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124095, Agricultural and Applied Economics Association.
    12. James R. Meldrum, 2016. "Floodplain Price Impacts by Property Type in Boulder County, Colorado: Condominiums Versus Standalone Properties," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(4), pages 725-750, August.
    13. Ma, Shan & Swinton, Scott M., 2011. "Valuation of ecosystem services from rural landscapes using agricultural land prices," Ecological Economics, Elsevier, vol. 70(9), pages 1649-1659, July.
    14. Christopher Shultz & Randall W. Jackson, 2014. "Water Valuation Research - Annotated Bibliography," Working Papers Resource Document 2014-01, Regional Research Institute, West Virginia University.
    15. World Bank Group, 2016. "Valuing Water Resources in Turkey," World Bank Other Operational Studies 25291, The World Bank.
    16. Brent, Daniel A., 2013. "The Value of Heterogeneous Property Rights: The Costs of Water Volatility," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 149698, Agricultural and Applied Economics Association.

    More about this item

    JEL classification:

    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water

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