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Type: Journal Article
Author(s): Brian J. Schilling; Kevin P. Sullivan; Joshua M. Duke
Publication Date: December 2013

Previous research has reached inconsistent, if not paradoxical, conclusions regarding the impact of conservation easements on farmland prices. Expectations of price reductions, strongly grounded in economic theory, are not always observed. We develop a hedonic model to examine the sale prices of 325 New Jersey preserved farms. We find strong evidence that residual development options retained under farmland deeds of easement have significant and positive effects on preserved farmland prices. This suggests that appraisals are undervaluing deed-restricted farmland, resulting in possible overpayment for conservation easements. This may explain the limited price differentials researchers have observed between preserved and unpreserved farmland. © 2013 Western Agricultural Economics Association.

Citation: Schilling, B. J., K. P. Sullivan, and J. M. Duke. 2013. Do residual development options increase preserved farmland values? Journal of Agricultural and Resource Economics, v. 38, no. 3, p. 327-343.

Cataloging Information

Topics:
Regions:
Alaska    California    Eastern    Great Basin    Hawaii    Northern Rockies    Northwest    Rocky Mountain    Southern    Southwest    National
Keywords:
  • conservation easements
  • conservation easements
  • croplands
  • farmland values
  • land management
  • residual development options
Tall Timbers Record Number: 29711Location Status: Not in fileCall Number: AvailableAbstract Status: Okay, Fair use, Reproduced by permission
Record Last Modified:
Record Maintained By: FRAMES Staff (https://www.frames.gov/contact)
FRAMES Record Number: 52565

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