Capitalized Costs of Habitat Conservation Easements
使用倾向得分匹配法估算永久栖息地保护地役权导致的土地价值折扣，发现每英亩地役权使土地价值下降约86美元，表明土地所有者得到了充分补偿，保护机构成功保护了面临转换风险的栖息地。
Perpetual conservation easements permanently remove the option to convert existing habitat to more intensive agricultural production. If existing habitat is at threat of conversion, removing the option to convert will reduce land values. In this article, we estimate the land value discount resulting from perpetual habitat conservation easements by using propensity score matching. We find that on the average eased parcel, land values fall by approximately $86 per acre for every acre of eased habitat. On average, our results suggest that landowners have been adequately compensated and conservation agencies have successfully secured habitat at risk of conversion.