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Journal Cover   Land Economics
  [SJR: 1.669]   [H-I: 55]   [5 followers]  Follow
   Full-text available via subscription Subscription journal
   ISSN (Print) 0023-7639 - ISSN (Online) 1543-8325
   Published by University of Wisconsin Press Homepage  [10 journals]
  • Homes and Castles: Should We Care about Idiosyncratic Risk?
    • Abstract: <p>By Dag Einar Sommervoll, Jan de Haan</p> When the U.S. housing market collapsed in 2007, it proved costly for the United States as well as for the global economy. It high-lighted that homeownership, though attractive in many ways, also comes with considerable risk. Naturally, the crisis spurred wider aca-demic interest in housing market risk (Mian and Sufi 2011; Geanakoplos et al. 2012; Glaeser, Gyourko, and Saiz 2008; Chang, Huang, and Shyu 2012; Jin and Ziobrowski 2011; Han 2010; Chiang, Tsai, and Lee 2012; Paciorek 2013). These articles and the lion’s share of the existing literature associate investment risk in housing markets with volatility in house price indices.Most investments in housing markets go basically to fund the purchase of a home and ... <a href="">Read More</a>
      Keywords: Financial risk management
      PubDate: 2014-10-14T00:00:00-05:00
  • Changing with the Tide: Semiparametric Estimation of Preference Dynamics
    • Abstract: <p>By Thijs Dekker, Paul Koster, Roy Brouwer</p> Nonmarket valuation studies strongly rely on discrete choice models to quantify the welfare implications of changes in the provision of goods and services as measured through willingness to pay (WTP) and consumer surplus. In particular, stated choice experiments repeatedly present respondents with comparable choice tasks in order to improve the statistical efficiency of discrete choice models for a given sample size. Holmes and Boyle (2005) point out the risk of obtaining biased welfare estimates as a result of not or incorrectly controlling for preference dynamics over the choice sequence.This paper contrasts two competing hypotheses regarding preference dynamics, namely, the discovered preference hypothesis ... <a href="">Read More</a>
      Keywords: Consumers' preferences
      PubDate: 2014-10-14T00:00:00-05:00
  • The Residential Water Demand Effect of Increasing Block Rate Water Budgets
    • Abstract: <p>By Kenneth A. Baerenklau, Kurt A. Schwabe, Ariel Dinar</p> As urban water utilities confront increasingly scarce and less reliable water supplies due to population growth, environmental regulation, and climate variability, water managers are seeking opportunities to reduce residential water demand. While the adoption of nonprice instruments (e.g., short-term water restrictions, subsidies for water-saving technologies, and public-awareness campaigns) likely will continue to be wide spread, volumetric pricing and, in particular, block rate pricing are gaining traction. This is not surprising to economists who have long espoused the merits of pricing as an efficient and effective means to address water scarcity (e.g., Howe and Linaweaver 1967; Chesnutt and Beecher 1998; ... <a href="">Read More</a>
      Keywords: Municipal water supply
      PubDate: 2014-10-14T00:00:00-05:00
  • The Vindication of Don Quixote: The Impact of Noise and Visual Pollution
           from Wind Turbines
    • Abstract: <p>By Cathrine Ulla Jensen, Toke Emil Panduro, Thomas Hedemark Lundhede</p> In the sixteenth century, the fictional character Don Quixote thought that windmills were alien to the landscape. Many people have similar views about wind turbines today. The installation of land-based wind turbines is controversial and is often met with opposition from the local community (Wolsink 2000), which often takes the form of a “not in my back yard” argument. The general need to increase renewable energy, and install wind turbines in particular, is acknowledged, but at the same time the location of local wind turbine projects is opposed. Denmark has experienced a massive growth in wind-power capacity. In the mid 1990s less than 2% of the domestic power supply was derived from wind; today 5,000 onshore ... <a href="">Read More</a>
      Keywords: Wind turbines
      PubDate: 2014-10-14T00:00:00-05:00
  • Optimal Livestock Management on Sagebrush Rangeland with Ecological
           Thresholds, Wildfire, and Invasive Plants
    • Abstract: <p>By Mimako Kobayashi, Kimberly Rollins, Michael H. Taylor</p> Rangeland is the dominant land type globally—covering about 30% of the total ice-free land area (Ellis and Ramankutty 2008)—and in the United States, where rangelands comprise 34.2% of total land area (Loomis 2002). Rangelands provide forage for livestock and generate a variety of ecosystem services including wildlife habitat, biodiversity, carbon sequestration, and hydrologic functions that protect against soil erosion and flooding (Havstad et al. 2007). In the western United States, however, the capacity of rangelands to support livestock and provide these ecosystem services is being compromised by invasive annual grasses such as cheatgrass (Bromus tectorum) (Pellant, Abbey, and Karl 2004; Meinke, Knick, and ... <a href="">Read More</a>
      Keywords: Livestock
      PubDate: 2014-10-14T00:00:00-05:00
  • Cost-effective Recovery of an Endangered Species: The Red-cockaded
    • Abstract: <p>By Ryan M. Finseth, Jon M. Conrad</p> The Endangered Species Act (ESA) of 1973 provided a critical legal and strategic framework for saving threatened species from extinction. The ESA charged the U.S. Fish and Wildlife Service (USFWS) and the National Oceanic and Atmospheric Administration (NOAA) with identifying threatened species and formulating recovery plans that would establish and maintain viable populations (NOAA 2012).Section 4(f) of the ESA states that, at a minimum, species recovery plans must include the following:A description of site-specific management actions necessary to achieve recovery of the speciesObjective, measurable criteria that, when met, would result in a determination that the species be removed from the listEstimates of the ... <a href="">Read More</a>
      Keywords: Wildlife recovery
      PubDate: 2014-10-14T00:00:00-05:00
  • Sodbusting, Crop Insurance, and Sunk Conversion Costs
    • Abstract: <p>By Ruiqing Miao, David A. Hennessy, Hongli Feng</p> In 1830 the U.S. prairie ecosystem was intact and extended from Indiana to the Rockies. Soils in the eastern tallgrass prairie region are generally very fertile, while the region’s climate favors cropping. Westward expansion, together with the advent of the steel moldboard plow, tile drainage innovations, and strong product demand, ensured rapid conversion. By 1950, native grasslands in Illinois, Iowa, southern Minnesota, and northern Missouri had almost vanished, while much had also disappeared further west. Conversion continued in the western prairie states over the latter half of the twentieth century, but the rate was not such as to attract widespread attention. Data are scarce, but a variety of evidence ... <a href="">Read More</a>
      Keywords: Land use
      PubDate: 2014-10-14T00:00:00-05:00
  • Identifying the Extent of the Urban Fringe and Its Impact on Agricultural
           Land Values
    • Abstract: <p>By Benoît A. Delbecq, Todd H. Kuethe, Allison M. Borchers</p> Farm real estate accounts for more than 80% of the total value of U.S. farm assets. It is the principal source of collateral for farm loans, and many farm households rely on landholdings to fund retirement (Nickerson et al. 2012). As a result, farmland plays a critical role in the financial health of the agricultural sector. Briggeman, Gunderson, and Gloy (2009) demonstrate that when farmland values fall, farmers’ financial stress tends to rise, but financial stress eases as land values rise. The existing literature shows that farmland values are determined by a complex set of factors. Farmland values are intrinsically linked to farm-related returns (Burt 1986; Feather-stone and Baker 1987; Just and Mirankowski ... <a href="">Read More</a>
      Keywords: Land use
      PubDate: 2014-10-14T00:00:00-05:00
  • Assessing the Land Use Changes and Greenhouse Gas Emissions of Biofuels:
           Elucidating the Crop Yield Effects
    • Abstract: <p>By Alexandre Gohin</p> Both the United States and the European Union have implemented biofuel policies in the last decade with the aims of supporting farm incomes, reducing dependency on fossil fuels, and mitigating global warming effects. However, concerning the last objective, bio-fuels may underperform if they involve significant land use changes leading to additional greenhouse gas (GHG) emissions. Since observed land use changes result from many factors, many economic models have been devised to sort out the specific contribution of biofuels in these observed or projected changes. These models can be partial equilibrium (PE), focusing on the agricultural and biofuel markets, or general equilibrium (GE), capturing all sectors and ... <a href="">Read More</a>
      Keywords: Biomass energy
      PubDate: 2014-10-14T00:00:00-05:00
  • Publication of Enduring Quality Award
    • Abstract: <p>By Daniel W. Bromley</p> We at Land Economics are delighted to announce that the article “The Effect of Agricultural Policy on Farmland Values,” by Alfons Weersink, Steve Clark, Calum G. Turvey, and Rakhal Sarker, published in Land Economics volume 75, number 3, pp. 425–39, has won the Canadian Agricultural Economics Society’s Publication of Enduring Quality Award.We reprint the article abstract here:The extent to which agricultural support programs have been capitalized into farmland prices has been examined in this study. A present value land price model was developed which decomposes returns to the land base into its two possible sources (farm production and government subsidies) and allows the discount rates associated with these two ... <a href="">Read More</a>
      PubDate: 2014-10-14T00:00:00-05:00
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