IDEAS home Printed from https://ideas.repec.org/a/jre/issued/v10n51995p601-616.html
   My bibliography  Save this article

Additional Evidence on the Homogeneity of the Value of Government Grazing Leases and Changing Attributes for Ranch Values

Author

Abstract

Using Wyoming ranch sales from 1979-1983 and 1989-1993, this study investigates how ranch value determining attributes may have changed over this period. The 1979-1983 period is one of political stability and rising prices. In constrast, the 1989-1993 period is one of political uncertainty but stable prices. It is found, during 1989-1993, ranch prices were based more on productivity; whereas, during the earlier period, prices were based more on speculative potential. Also, it is found that government grazing leases were valued differently between time periods, ecological regions, and types of leases. This suggests that the current single-price grazing fee commonly used misprices many leases. Because of the heterogeneity in the value of grazing leases, we recommend a variable-fee form of pricing be adopted.

Suggested Citation

  • 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.
    • Handle: RePEc:jre:issued:v:10:n:5:1995:p:601-616
    as

    Download full text from publisher

    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol10n05/v10p601.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. B. Delworth Gardner, 1963. "A Proposal to Reduce Misallocation of Livestock Grazing Permits," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 45(1), pages 109-120.
    2. William E. Martin & Gene L. Jefferies, 1966. "Relating Ranch Prices and Grazing Permit Values to Ranch Productivity," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 48(2), pages 233-242.
    3. 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.
    4. 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.
    5. Bruce A. McCarl & Ray F. Brokken, 1985. "An Economic Analysis of Alternative Grazing Fee Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(4), pages 769-778.
    6. N. K. Roberts, 1963. "Economic Foundations for Grazing Use Fees on Public Lands," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 45(4), pages 721-731.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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. Steven C Bourassa & Martin Hoesli & Jian Sun, 2004. "What's in a View?," Environment and Planning A, , vol. 36(8), pages 1427-1450, August.
    3. Ronald W. Spahr & Mark A. Sunderman, 2009. "A Model for Federal Public Land Surface Rights' Management," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 119-146.
    4. McLeod, Donald M. & Bastian, Chris T. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2000. "Amenity Impacts on Rural Land Values: Geographic Information Systems Data Incorporated into a Hedonic Property Model," Western Region Archives 321666, Western Region - Western Extension Directors Association (WEDA).
    5. Sengupta, Sanchita & Osgood, Daniel Edward, 2003. "The value of remoteness: a hedonic estimation of ranchette prices," Ecological Economics, Elsevier, vol. 44(1), pages 91-103, February.
    6. Torell, L. Allen & Rimbey, Neil R. & Ramirez, Octavio A. & McCollum, Daniel W., 2005. "Income Earning Potential versus Consumptive Amenities in Determining Ranchland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 30(3), pages 1-24, December.
    7. Sengupta, Sanchita & Osgood, Daniel E., 2002. "Valuation Of Ranchette Amenities: A Hedonic Approach," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California 36547, Western Agricultural Economics Association.
    8. 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.
    9. Mark A. Sunderman & Ronald W. Spahr & John W. Birch & Russell M. Oster, 2000. "Impact of Ranch and Market Factors on an Index of Agricultural Holding Period Returns," Journal of Real Estate Research, American Real Estate Society, vol. 19(2), pages 209-234.
    10. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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.
    2. 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.
    3. 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.
    4. Unknown, 1998. "References/Literature Cited," Commodity Costs and Returns Estimation Handbook,, Iowa State University.
    5. 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.
    6. Kohn, Robert E., 1995. "Theoretically efficient pricing for commercial uses of public land resources," Resources Policy, Elsevier, vol. 21(1), pages 53-60, March.
    7. Ronald W. Spahr & Mark A. Sunderman, 2009. "A Model for Federal Public Land Surface Rights' Management," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 119-146.
    8. Leibbrandt, Andreas & Lynham, John, 2018. "Does the allocation of property rights matter in the commons?," Journal of Environmental Economics and Management, Elsevier, vol. 89(C), pages 201-217.
    9. 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.
    10. Jose L. Oviedo & Lynn Huntsinger & Pablo Campos & Alejandro Caparrós, 2011. "Assessing the income value of private amenities in California oak woodlands," Working Papers 1110, Instituto de Políticas y Bienes Públicos (IPP), CSIC.
    11. 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.
    12. Sun, Lili & van Kooten, G. Cornelis & Voss, Graham M., 2005. "Divergence between WTA and WTP Revisited: Livestock Grazing on Public Range," Working Papers 37014, University of Victoria, Resource Economics and Policy.
    13. José L Oviedo & Pablo Campos & Alejandro Caparrós, 2022. "Contingent valuation of landowner demand for forest amenities: application in Andalusia, Spain," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 49(3), pages 615-643.
    14. Robert H. Nelson, 2006. "Valuing Nature," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(3), pages 525-557, July.
    15. Swanepoel, G.D. & Hadrich, Joleen & Goemans, Christopher, 2015. "Estimating the Contribution of Groundwater Irrigation to Farmland Values in Phillips County, Colorado," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2015, pages 1-14.
    16. Rimbey, Neil R. & Darden, Tim D. & Gibson, Chad & Harp, Aaron J., 1999. "Costs And Returns Of Cattle Ranches And Other Agriculture In Owyhee County, Idaho," A.E. Extension Series 305003, University of Idaho, Department of Agricultural Economics and Rural Sociology.
    17. 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).
    18. Campos, Pablo & Caparros, Alejandro, 2006. "Social and private total Hicksian incomes of multiple use forests in Spain," Ecological Economics, Elsevier, vol. 57(4), pages 545-557, June.
    19. Brokken, Ray F. & McCarl, Bruce A., 1987. "A Theoretical Evaluation of Fee Systems for Private Grazing on Federal Lands," Agricultural Economic Reports 308028, United States Department of Agriculture, Economic Research Service.
    20. Sun, Lili & van Kooten, G. Cornelis & Voss, Graham M., 2006. "Quality of Life as an Explanation of the Divergence between Ranchers' WTA and WTP for Public Forage," 2006 Annual meeting, July 23-26, Long Beach, CA 21162, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:10:n:5:1995:p:601-616. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: JRER Graduate Assistant/Webmaster (email available below). General contact details of provider: http://www.aresnet.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.