Land conversion and market equilibrium
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Date
2012-01-18
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Abstract
We specify a system of equations that fully reflects the supply and demand sides of the
market for agricultural open space at equilibrium. Although simple, the system is
exceedingly flexible and allows for household and parcel heterogeneity. We derive an empirical model directly from the structural equations and contrast this using a simulated landscape with the econometric specification most often found in the literature. We then show how the model can be used to project land-use change into the future and for policy
simulation. Finally, we use the model to examine the impact of common land
conservation policies in Europe.
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Keywords
conservation easement, land-use change, simulation, urban sprawl