文章基本信息

标题：Do Residual Development Options Increase Preserved Farmland Values?
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作者：Schilling, Brian J. ; Sullivan, Kevin P. ; Duke, Joshua M. 等
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2013
期号：Suppl
页码：327-343
出版社：Journal of Agribusiness
摘要：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.
关键词：conservation easements;farmland values;residual development options