Valuation of Conservation and Preservation Properties: An Analysis of the Effect of Development Restrictions and Option Values on Land Prices - Softcover

Inhaltsangabe

There has been a recent trend for many local, state,and federal agencies to buy land for conservationpurposes. Also, many of these agencies have issueddevelopment moratoria, which decreases the value ofsome private property. This book analyzes theeffects of these policies and uses data to researchthe possibility of alternative land uses on landprices. Both economic theory and statisticalanalysis are used to show that a large percentage ofthe value of preservation properties comes frompotential uses of the property. This implies thatif landowners are not compensated for taking awaytheir development rights, they have an incentive todevelop the land before development is banned. Thisoutcome is not optimal for either party. Theseresults should be of interest to various governmentagencies as well as many landowners.

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