A simple theoreticalmodel of a tim- consist ing of Faustmann rotations evalubermarket finds that there exists a rational expecta- ated at the mean of the price process. tions equilibrium in which prices evolve according The central question addressed in this to a stationary A R (1)...

This paper estimates the effects of reduce water quality, and pollute, disturb open space and other amenities on housing prices or destroy natural habitats for wildlife. and development density in Portland, Oregon, Open space takes many forms. City within the framework of an urban equilibrium...

Land-use changes involve important economic and environmental effects with implications for international trade, global climate change, wildlife, and other policy issues. We use an econometric model to identify factors driving land-use change in the United States between 1982 and 1997. We...

Habitat fragmentation is widely considered a primary threat to biodiversity. In this paper, we analyze incentive-based policies designed to reduce forest fragmentation in the coastal plain region of South Carolina. Our approach integrates an econometric model of land use with simulations that...

Besides climate change mitigation, policies encouraging the conversion of agricultural land to forest may generate additional environmental benefits. We estimate the reductions in agricultural externalities (soil erosion, nitrogen, and atrazine pollution) from an afforestation program in...

We investigate the influence of future land development on current agricultural land values. From a theoretical model of land markets, we derive a reduced-form expression for agricultural land values in terms of observable variables. This result dictates the specification of our econometric...