Agricultural Land Values and the Value of Rights to Future Land Development
研究了未来土地开发对当前农业土地价值的影响，基于理论模型推导出可观测变量表达的农业土地价值公式，并在纽约州应用中得到验证，最后用空间插值法生成奥兰治县开发权价值分布图，解决了标准评估方法中的问题。
<i>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 model and we find strong support for the model in an application to New York State. The estimated model, together with a spatial interpolation algorithm, is used to generate a surface of estimated development rights values for Orange County. This approach overcomes several problems that arise with the use of standard appraisal methods to value conservation easements.</i>