Journal article
Buyer-Type Effects in Conservation and Preservation Property Values
The journal of real estate finance and economics, Vol.33(2), pp.167-179
09/2006
Handle:
https://hdl.handle.net/2376/118283
Abstract
Properties can be bought by government agencies, land trusts, or private entities for conservation and preservation purposes, such as farmland preservation, wildlife refuges, other conservation, and cultural and historical preservation. There is variation in the dollars paid per acre across properties and across buyer type. An option value model based on future potential land uses is used to explain much of this variation. The data used in our analysis is sales transactions data for conservation and preservation purposes from throughout the United States. We find that much of the value of conservation properties is derived from future potential land uses, including housing, timber, recreation, and conservation. We confirm that public versus private buyers value options differently, which makes sense from a public good point of view, if markets are thin.
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Details
- Title
- Buyer-Type Effects in Conservation and Preservation Property Values
- Creators
- Jason Winfree - University of Michigan Ann Arbor MI USAJill McCluskey - School of Economic Sciences Washington State University Pullman WA USARon Mittelhammer - School of Economic Sciences and Department of Statistics Washington State University Pullman WA USA
- Publication Details
- The journal of real estate finance and economics, Vol.33(2), pp.167-179
- Academic Unit
- Economic Sciences, School of
- Publisher
- Kluwer Academic Publishers; Boston
- Identifiers
- 99900547839901842
- Language
- English
- Resource Type
- Journal article