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Does tenure review in New Zealand’s South Island give rise to rents?

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Abstract

Under “tenure review,” the ongoing privatization of South Island Crown pastoral leases, a pastoral lessee surrenders part of his leasehold, and acquires a freehold interest in the remainder. In order to determine whether the Crown sold the right to freehold too cheaply, we model the proportional difference between the price (per hectare) at which the Crown sold its interest to the lessee, and the prices paid to former lessees who have onsold some part of their new freeholds.

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  • Ann Brower & Philip Meguire, 2010. "Does tenure review in New Zealand’s South Island give rise to rents?," Working Papers in Economics 10/49, University of Canterbury, Department of Economics and Finance.
    • Handle: RePEc:cbt:econwp:10/49
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    File URL: https://repec.canterbury.ac.nz/cbt/econwp/1049.pdf
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    Keywords

    tenure review; pastoral leases; New Zealand; rent seeking;
    All these keywords.

    JEL classification:

    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

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