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| Towe, Charles A.; Nickerson, Cynthia J.; Bockstael, Nancy E.. |
| Many studies have examined the effects of land use regulations on land prices and urban spatial form. Increasingly, jurisdictions have adopted incentive based mechanisms, such as purchase of development rights (PDR) programs, to manage the pace and pattern of urban growth and the conversion of agricultural land. PDR programs provide a third option to landowners in urbanizing areas: in addition to deciding whether to develop or not, landowners can decide whether to preserve their land. To our knowledge no studies have explored how the existence of an option to participate in a PDR program affects landowners' development decisions. This research provides empirical evidence of a previously untested prediction of real options theory: that additional... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agricultural preservation programs; Real options; Land conversion; Land Economics/Use. |
| Ano: 2005 |
URL: http://purl.umn.edu/19125 |
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