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Public Land Policy And The Value Of Grazing Permits

Author

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  • Torell, L. Allen
  • Doll, John P.
Abstract
This article provides an empirical test of the traditional theory of permit value and investigates the impact of recent changes in public land policies on the value of grazing permits. Results suggest that the cost advantage for grazing on public lands has been capitalized into substantial permit values, but other economic and hedonic factors influencing land prices also have contributed to the value of grazing permits. Public land grazing permits have fallen in value relative to deeded land as grazing fees have increased and as assurance has waned that public land policies will continue to be favorable to ranchers.

Suggested Citation

  • Torell, L. Allen & Doll, John P., 1991. "Public Land Policy And The Value Of Grazing Permits," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(1), pages 1-11, July.
    • Handle: RePEc:ags:wjagec:32630
    DOI: 10.22004/ag.econ.32630
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    File URL: https://ageconsearch.umn.edu/record/32630/files/16010174.pdf
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    References listed on IDEAS

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    7. John R. Winter & James K. Whittaker, 1981. "The Relationship between Private Ranchland Prices and Public-Land Grazing Permits," Land Economics, University of Wisconsin Press, vol. 57(3), pages 414-421.
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    Cited by:

    1. Ronald W. Spahr & Mark A. Sunderman, 1999. "Valuation of Property Surrounding a Resort Community," Journal of Real Estate Research, American Real Estate Society, vol. 17(2), pages 227-244.
    2. David K. Lambert, 1995. "Grazing On Public Rangelands: An Evolving Problem Of Property Rights," Contemporary Economic Policy, Western Economic Association International, vol. 13(2), pages 119-128, April.
    3. Kohn, Robert E., 1995. "Theoretically efficient pricing for commercial uses of public land resources," Resources Policy, Elsevier, vol. 21(1), pages 53-60, March.
    4. Ronald W. Spahr & Mark A. Sunderman, 1995. "Additional Evidence on the Homogeneity of the Value of Government Grazing Leases and Changing Attributes for Ranch Values," Journal of Real Estate Research, American Real Estate Society, vol. 10(5), pages 601-616.
    5. McLeod, Donald M. & Bastian, Christopher T. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 1999. "The Contribution Of Environmental Amenities To Agricultural Land Values: Hedonic Modelling Using Geographic Information Systems Data," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35707, Western Agricultural Economics Association.
    6. Unknown, 1998. "References/Literature Cited," Commodity Costs and Returns Estimation Handbook,, Iowa State University.
    7. Mark A. Sunderman & Ronald W. Spahr, 1994. "The Valuation of Undeveloped Land: A Reconciliation of Methods," Journal of Real Estate Research, American Real Estate Society, vol. 9(2), pages 179-196.
    8. Mathews, Kenneth H., Jr. & Hahn, William F. & Nelson, Ken E. & Crawford, Terry L., 1994. "Cow/Calf Ranching in 10 Western States," Agricultural Economic Reports 308284, United States Department of Agriculture, Economic Research Service.
    9. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.
    10. Jaime Martínez-Valderrama & Javier Ibáñez Puerta, 2023. "System Dynamics Tools to Study Mediterranean Rangeland’s Sustainability," Land, MDPI, vol. 12(1), pages 1-25, January.
    11. Anderson, David P. & Mintert, James R. & Brester, Gary W., 1998. "The North American Livestock Industry: A U.S. Perspective," Proceedings of the 4th Agricultural and Food Policy Systems Information Workshop 1998: Economic Harmonization in the Canadian\U.S.\Mexican Grain-Livestock Subsector; 16765, Farm Foundation, Agricultural and Food Policy Systems Information Workshops.
    12. Xu, Feng & Mittelhammer, Ron C. & Torell, L. Allen, 1992. "Modeling Truncation Via the Logistic and Normal Distributions, and Application to Ranch Land Price Analysis," WAEA/ WFEA Conference Archive (1929-1995) 321388, Western Agricultural Economics Association.
    13. May, Gary J. & Van Tassell, Larry W. & Smith, Michael A. & Waggoner, James W., 1998. "Optimal Feed Cost Strategies Associated With Early And Late Calving Seasons," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20878, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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    Keywords

    Land Economics/Use;

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