Hostname: page-component-78c5997874-v9fdk Total loading time: 0 Render date: 2024-11-08T16:29:07.744Z Has data issue: false hasContentIssue false
  • English
  • Français

The Capitalization of Wildlife Recreation Income into Farmland Values

Published online by Cambridge University Press:  28 April 2015

Jason Henderson  and
Sean Moore
Jason Henderson
Affiliation:
Federal Reserve Bank of Kansas City, Omaha Branch, Omaha, NE
Sean Moore
Affiliation:
Federal Reserve Bank of Kansas City, Kansas City, MO
Get access Rights & Permissions [Opens in a new window]

Abstract

Wildlife recreation—hunting, fishing, and wildlife watching—appears to be an increasingly important pastime for many Americans. From 1991 to 2001, U.S. wildlife recreation expenditures surged from $77 billion to $108 billion in 2001 dollars. Land lease and ownership expenditures by wildlife recreation participants are also rising and appear to be capitalized into farmland values. This paper analyzes the impact of hunting lease rates on farmland values in Texas. The results indicate that counties with higher wildlife recreation income streams have higher land values.

Keywords

farmland valueswildlife recreationQ15
Type
Articles
Information
Journal of Agricultural and Applied Economics , Volume 38 , Issue 3 , December 2006 , pp. 597 - 610
Copyright
Copyright © Southern Agricultural Economics Association 2006

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Baen, J.S. “The Growing Importance and Value Implications of Recreational Hunting Leases to Agricultural Land Investors.” Journal of Real Estate Research 14, 3(1997):399–414.CrossRefGoogle Scholar
Barnard, C.H., Whittaker, G., Westenbarger, D., and Ahearn, M.. “Evidence of Capitalization of Direct Government Payments into U.S. Cropland Values.” American Journal of Agricultural Economics 79, 5(1997):1642-50.CrossRefGoogle Scholar
Bastian, C.T., McLeod, D.M., Germino, M.J., W.A. Reiners and Blasko, B.J.. “Environmental Amenities and Agricultural Land Values: A Hedonic Model Using Geographic Information Systems Data.” Ecological Economics 40, 3(March 2002):337-49.CrossRefGoogle Scholar
Burt, O.R. “Econometric Modeling of the Capitalization Formula for Farmland Prices.” American Journal of Agricultural Economics 68, 1(1986):10–26.CrossRefGoogle Scholar
Castle, E.N., and Hoch, I.. “Farm Real Estate Price Component, 1920-78.” American Journal of Agricultural Economics 64(February 1982):8–18.CrossRefGoogle Scholar
Chavas, J. P., and Shumway, C.R.. “A Pooled Time-Series and Cross-Section Analysis of Land Prices.” Western Journal of Agricultural Economics 7(July 1982):31–41.Google Scholar
Chicoine, D.L. “Farmland Values at the Urban Fringe: An Analysis of Sales Prices.” Land Economics 57(August 1981):353-62.CrossRefGoogle Scholar
Clonts, H.A. Jr. “Influence of Urbanization on Land Values at the Urban Periphery.” Land Economics 46(November 1970):489-97.CrossRefGoogle Scholar
Dunford, R.W., Marti, C.E., and Mittelkammer, R.C.. “A Case Study of Rural Land Prices at the Urban Fringe Including Subjective Buyer Expectations.” Land Economics 61(1985): 10–16.CrossRefGoogle Scholar
Featherstone, A.M., and Baker, T.G.. “An Examination of Farm Sector Real Estate Dynamics.” American Journal of Agricultural Economics 69( August 1987):532-46.CrossRefGoogle Scholar
Folland, S.T., and Hough, R.R.. “Nuclear Power Plants and the Value of Agricultural Land.” Land Economics, 67(February 1991):30–36.CrossRefGoogle Scholar
Gilliland, C.E., Robertson, J., and Cover, H.. Texas Rural Land Prices, 2003 Real Estate Center. College Station, TX: Texas A&M University, May 2004.Google Scholar
Goodwin, B.K., Mishra, A.K., and Ortalo-Magné, F.N.. “What's Wrong with Our Models of Agricultural Land Values?” American Journal of Agricultural Economics 85, 3(August 2003): 744-53.CrossRefGoogle Scholar
Henderson, J., and Weiler, S.. “Defining “Rural” America.” Main Street Economist. Center for the Study of Rural America, Federal Reserve Bank of Kansas City, Kansas City, MO, July 2004.Google Scholar
Herriges, J.A., Barickman, N.E., and Shogren, J.F.. “The Implicit Value of Corn Base Acreage.” American Journal of Agricultural Economics 74(1992):50–58.CrossRefGoogle Scholar
Irwin, E.G. “The Effects of Open Space on Residential Property Values.” Land Economics 78,4(November 2002):465-80.CrossRefGoogle Scholar
Irwin, E.G., and Bockstael, N.E.. “The Problem of Identifying Land Use Spillovers: Measuring the Effects of Open Space on Residential Property Values.” American Journal of Agricultural Economics 83,3(August 2001):698–704.CrossRefGoogle Scholar
Judge, G.G., Griffiths, W.E., Hill, R.C., Lutkepohl, H., and Lee, T.C.. The Theory and Practice of Econometrics. New York: Wiley, 1985.Google Scholar
Just, R.E., and Miranowski, J.A.. “Understanding Farmland Price Changes.” American Journal of Agricultural Economics 75,1(1993):156-68.CrossRefGoogle Scholar
Livengood, K.R. “Value of Big Game from Markets for Hunting Leases: The Hedonic Approach.” Land Economics 59,3(August 1983): 287-91.CrossRefGoogle Scholar
McGranahan, D.A. “Natural Amenities Drive Rural Population Change.” Washington D.C.: U.S. Department of Agriculture, Economic Research Service, Food and Rural Economics Division. Agricultural Economic Report No. 781, 1999.Google Scholar
Messonier, M.L., and Luzar, E.J.. “A Hedonic Analysis of Private Hunting Land Attributes Using an Alternative Functional Form.” Southern Journal of Agricultural Economics 22,2(December 1990): 129-35.Google Scholar
Miranowski, J.A., and Hammes, B.D.. “Implicit Prices of Soil Characteristics of Farmland in Iowa.” American Journal of Agricultural Economics 66(1984):745-49.CrossRefGoogle Scholar
Moss, C.B. “Returns, Interest Rates, And Inflation: How They Explain Changes in Farmland Values.” American Journal of Agricultural Economics 79,4(1997):1311–18.CrossRefGoogle Scholar
Novack, N. “A Post-Hurricane Rebound in Credit Conditions.” Survey of Agricultural Credit Conditions, Fourth Quarter 2005. Center for the Study of Rural America, Federal Reserve Bank of Kansas City, Kansas City, MO, 2005.Google Scholar
Phipps, T.T. “Land Prices and Farm-Based Returns.” American Journal of Agricultural Economics 66(November 1984):422-29.CrossRefGoogle Scholar
Pope, C.A. III. “Agricultural Productive and Consumptive Use Components of Rural Land Values in Texas.” American Journal of Agricultural Economics (February 1985): 81–86.CrossRefGoogle Scholar
Pope, C.A. III, and Stall, J.R.. “The Market Value of Ingress Rights for White-Tailed Deer Hunting in Texas.” Southern Journal of Agricultural Economics 17,1(July 1985):177-82.Google Scholar
Pope, C.A. III, Adams, C.E., and Thomas, J.K.. “The Recreational and Aesthetic Value of Wildlife in Texas.” Journal of Leisure Research 16,1(1984):51–60.CrossRefGoogle Scholar
Rappaport, J. “Moving to Nice Weather.” Working paper. Economic Research Department, Federal Reserve Bank of Kansas City, Economic Research Working Paper 03-07, September 2003.Google Scholar
Reynolds, J.E. and Tower, D.L.. “Factors Affecting Rural Land Values in an Urbanizing Area.” Review of Regional Studies 8(Winter 1978):23–34.CrossRefGoogle Scholar
Shi, Y.J., Phipps, T.T., and Colyer, D.. “Agricultural Land Values under Urbanizing Influences.” Land Economics 73,1(1997):90–100.CrossRefGoogle Scholar
Shonkwiler, J.S., and Reynolds, J.E.. “A Note on the Use of Hedonic Price Models in the Analysis of Land Prices at the Urban Fringe.” Land Economics 62(February 1986):58–61.CrossRefGoogle Scholar
Shrestha, R.K., and Alavalapati, J.R.R.. “Recreational Hunting Value of Ranchland.” Journal of Agricultural and Applied Economics 36,3(December 2004):763–72.CrossRefGoogle Scholar
Tsoodle, L.J., Golden, B.B., and Featherstone, A.M.. “Factors Influencing Kansas Agricultural Farm Land Values.” Land Economics 82,1(February 2006): 124-39.CrossRefGoogle Scholar
U.S. Department of Agriculture-National Agricultural Statistics Service. 2002 Census of Agriculture. Internet site: http://www.nass.usda.gov/Census_of_Agriculture/index.asp (Accessed February 1, 2006).Google Scholar
U.S. Fish and Wildlife Service. 1991 National Survey of Fishing, Hunting, and Wildlife-Associated Recreation. Internet site: http://www.census.gov/prod/l/gen/interior/index.html (Accessed February 1, 2006).Google Scholar
U.S. Fish and Wildlife Service. 1996 National Survey of Fishing, Hunting, and Wildlife-Associated Recreation. Internet site: http://www.census.gOv/prod/3/97pubs/fhw96nat.pdf (Accessed February 1, 2006).Google Scholar
U.S. Fish and Wildlife Service. 2001 National Survey of Fishing, Hunting, and Wildlife-Associated Recreation. Internet site: http://www.census.gov/prod/2003pubs/fhw01-us.pdf (Accessed February 1, 2006).Google Scholar