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[ subject:"Property values." ]
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New Models and Methods for Efficient...
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Johnsen, Reid L.
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New Models and Methods for Efficient Land Conservation.
紀錄類型:
書目-電子資源 : Monograph/item
正題名/作者:
New Models and Methods for Efficient Land Conservation./
作者:
Johnsen, Reid L.
出版者:
Ann Arbor : ProQuest Dissertations & Theses, : 2020,
面頁冊數:
68 p.
附註:
Source: Dissertations Abstracts International, Volume: 82-04, Section: A.
Contained By:
Dissertations Abstracts International82-04A.
標題:
Property values. -
電子資源:
https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27996142
ISBN:
9798678171665
New Models and Methods for Efficient Land Conservation.
Johnsen, Reid L.
New Models and Methods for Efficient Land Conservation.
- Ann Arbor : ProQuest Dissertations & Theses, 2020 - 68 p.
Source: Dissertations Abstracts International, Volume: 82-04, Section: A.
Thesis (Ph.D.)--University of California, Berkeley, 2020.
This item must not be sold to any third party vendors.
This dissertation presents a series of essays that illustrate opportunities for improving theeconomic efficiency of conservation easement purchases and land conservation in general.Each essay provides concrete methods to address a current issue in conservation easementpurchasing or valuation.The first essay explores the relationship between the degree to which landowners identify asranchers and their preferences between a lump sum and a perpetuity form of compensation.Using original survey data from 231 California landowners in Sonoma and Marin Counties, weelicit measures of rancher identity and preferences among three compensation packages for thesale of a conservation easement. We find that the majority of participating landowners prefera perpetuity over a lump sum, suggesting that conservation groups could more efficientlyconserve land by offering a perpetuity payment option. By randomly perturbing the identitysalience of some landowners, we attempt to determine the causal impact of identity onpreferences. Although our results lack statistical power, they provide suggestive evidence insupport of the hypothesis that preference for a perpetuity over a lump sum is a function ofidentity as a rancher.The second essay addresses one of the key challenges in calculating return on investment(ROI) for a conservation easement purchase. From the perspective of a land conservationgroup, the three components of ROI for a conservation easement are the value of ecosystemsservices (ES) that the conserved property provides, easement price, and probability ofdevelopment under a counterfactual scenario in which the easement had not been enacted.In this essay we assess the relative importance of uncertainly in ecosystem service valuescompared to uncertainty in land development projections. To do so we estimate the valueof the ecosystems services provided by 19 conservation easements held by a California landtrust, based on ES values from 9 stated preference studies. For each property we thenconsider 3 plausible counterfactual development scenarios, resulting in a total of 27 differentvaluations (3 counterfactuals x 9 ES values). Pairwise analysis suggests that, while the impactof both choices is large, the choice of counterfactual has a substantially larger impact on ESvalue than the choice of ES value transfer study. In our study area, choosing an alternativecounterfactual scenario changes the valuation by an average of 648% relative to the base case,while choosing an alternative value transfer study changes the valuation by an average of 132%.The third essay assesses whether the easement price information in property appraisalscontains any information, aside from easement price, that impacts conservation group ROI.Before a conservation easement is sold an appraisal is usually commissioned in order todetermine the value of the conserved property before and after the easement is put intoplace. The difference between these two values is the appraised value of the easement, whichrepresents the value of the easement to the landowner. However, since landowners andconservation groups have very different objective functions, the value of the easement tothe landowner is not necessarily equal to the value of the easement to a conservation group.Using a dataset of 36 appraisals for conserved California rangeland, we test the hypothesisthat ecosystems service value is correlated with appraised value. We also test the hypothesisthat counterfactual conservation easement value, which is the value of the easement to aconservation group, is captured in appraised value. We find that ecosystems service value ishighly uncorrelated with appraised value, and that counterfactual easement value is slightlypositively correlated with, though non-linearly related to, appraised value.
ISBN: 9798678171665Subjects--Topical Terms:
3554601
Property values.
Subjects--Index Terms:
Conservation easement
New Models and Methods for Efficient Land Conservation.
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This dissertation presents a series of essays that illustrate opportunities for improving theeconomic efficiency of conservation easement purchases and land conservation in general.Each essay provides concrete methods to address a current issue in conservation easementpurchasing or valuation.The first essay explores the relationship between the degree to which landowners identify asranchers and their preferences between a lump sum and a perpetuity form of compensation.Using original survey data from 231 California landowners in Sonoma and Marin Counties, weelicit measures of rancher identity and preferences among three compensation packages for thesale of a conservation easement. We find that the majority of participating landowners prefera perpetuity over a lump sum, suggesting that conservation groups could more efficientlyconserve land by offering a perpetuity payment option. By randomly perturbing the identitysalience of some landowners, we attempt to determine the causal impact of identity onpreferences. Although our results lack statistical power, they provide suggestive evidence insupport of the hypothesis that preference for a perpetuity over a lump sum is a function ofidentity as a rancher.The second essay addresses one of the key challenges in calculating return on investment(ROI) for a conservation easement purchase. From the perspective of a land conservationgroup, the three components of ROI for a conservation easement are the value of ecosystemsservices (ES) that the conserved property provides, easement price, and probability ofdevelopment under a counterfactual scenario in which the easement had not been enacted.In this essay we assess the relative importance of uncertainly in ecosystem service valuescompared to uncertainty in land development projections. To do so we estimate the valueof the ecosystems services provided by 19 conservation easements held by a California landtrust, based on ES values from 9 stated preference studies. For each property we thenconsider 3 plausible counterfactual development scenarios, resulting in a total of 27 differentvaluations (3 counterfactuals x 9 ES values). Pairwise analysis suggests that, while the impactof both choices is large, the choice of counterfactual has a substantially larger impact on ESvalue than the choice of ES value transfer study. In our study area, choosing an alternativecounterfactual scenario changes the valuation by an average of 648% relative to the base case,while choosing an alternative value transfer study changes the valuation by an average of 132%.The third essay assesses whether the easement price information in property appraisalscontains any information, aside from easement price, that impacts conservation group ROI.Before a conservation easement is sold an appraisal is usually commissioned in order todetermine the value of the conserved property before and after the easement is put intoplace. The difference between these two values is the appraised value of the easement, whichrepresents the value of the easement to the landowner. However, since landowners andconservation groups have very different objective functions, the value of the easement tothe landowner is not necessarily equal to the value of the easement to a conservation group.Using a dataset of 36 appraisals for conserved California rangeland, we test the hypothesisthat ecosystems service value is correlated with appraised value. We also test the hypothesisthat counterfactual conservation easement value, which is the value of the easement to aconservation group, is captured in appraised value. We find that ecosystems service value ishighly uncorrelated with appraised value, and that counterfactual easement value is slightlypositively correlated with, though non-linearly related to, appraised value.
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https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27996142
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