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Land Conversion and Market Equilibrium – Insights from a Simulated Landscape

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  • Iovanna, Richard
  • Vance, Colin

Abstract

We specify a system of equations that fully reflects the supply and demand sides of the market for agricultural open space at equilibrium. Although simple, the system is exceedingly flexible and allows for household and parcel heterogeneity. We derive an empirical model directly from the structural equations and contrast this using a simulated landscape with the econometric specification most often found in the literature. We then show how the model can be used to project land-use change into the future and for policy simulation. Finally, we use the model to examine the impact of common land conservation policies in Europe.

Suggested Citation

  • Iovanna, Richard & Vance, Colin, 2010. "Land Conversion and Market Equilibrium – Insights from a Simulated Landscape," Ruhr Economic Papers 182, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    • Handle: RePEc:zbw:rwirep:182
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    JEL classification:

    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land

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