Economics

Are farmland preservation program easement restrictions capitalized into farmland prices? What can a propensity score matching analysis tell us?

Document Type

Conference Paper

Abstract

In this paper, we re-examine the impact of agricultural easements on sales prices, using a substantially expanded data set of 3,554 observations in 22 Maryland counties, including 249 preserved properties over 1997–2003. Maryland has had a variety of state and county agricultural land preservation programs since the late 1970s, with almost 250,000 acres preserved by 2004 in the state Maryland Agricultural Land Preservation Foundation (MALPF) program.1 We analyze the impact of agricultural easements on sales prices, using both hedonic regression and propensity score approaches.

Publication Title

Review of Agricultural Economics

Publication Date

9-2007

Volume

29

Issue

3

First Page

502

Last Page

509

ISSN

1058-7195

DOI

10.1111/j.1467-9353.2007.00361.x

Keywords

farmland preservation programs

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