|
|
|
|
|
| Torell, L. Allen; Bailey, Scott A.. |
| We build our economic models and estimate grazing policy impacts based on the standard economic model of profit maximization. Yet, over 30 years of research and observation has shown that, for many, consumptive and quality of life values are the most important reasons for the purchase of western ranches. Ranch buyers want an investment they can touch, feel and enjoy, and they have historically been willing to accept low returns from the livestock operation. Profit maximization appears to be an inadequate model for explaining rancher behavior; in estimating what impacts altered public land policies will have; and in de-scribing grazing land use and value. In this study, only 27% of the value of New Mexico ranches in the most productive rangeland areas was... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Land Economics/Use; Livestock Production/Industries. |
| Ano: 2000 |
URL: http://purl.umn.edu/36451 |
| |
|
|
| Torell, L. Allen; Rimbey, Neil R.; Tanaka, John A.; Bailey, Scott A.. |
| The economic impact of changing land-use policies has traditionally been estimated using the standard economic model of profit maximization. Ranchers are assumed to maximize profit and to adjust production strategies so as to continue maximizing profit with altered policies. Yet, nearly 30 years of research and observation have shown that family, tradition, and the desirable way of life are the most important factors in the ranch purchase decision - not profit. Ranch buyers want an investment they can touch, feel, and enjoy, and they historically have been willing to accept relatively low returns from the livestock production. Profit maximization appears to be an inadequate model for explaining rancher behavior, describing grazing land use, and estimating... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural and Food Policy; Land Economics/Use. |
| Ano: 2001 |
URL: http://purl.umn.edu/16629 |
| |
|
|
|
