Abstract
This chapter examines characteristics of conservation easements (CEs) in general and working forest conservation easements (WFCEs) in the United States in particular. It looks at landowner incentives for instituting easements, outlines the methods for easement appraisal and evaluates ways to measure easement performance. The chapter discusses the challenges for CEs that arise due to market imperfections, such as information asymmetry, limited transparency, governmental involvement, principal-agent problems, intergenerational equity, transaction costs and private amenity rents. The chapter concludes with a review of easement effects on land prices and opportunities for future research.
| Original language | English |
|---|---|
| Title of host publication | Handbook of Forest Resource Economics |
| Publisher | Taylor and Francis |
| Pages | 430-443 |
| Number of pages | 14 |
| ISBN (Electronic) | 9780203105290 |
| ISBN (Print) | 9780415623247 |
| DOIs | |
| State | Published - Jan 1 2014 |
Keywords
- Conservation easements
- Easement appraisal
- Easement performance
- Land prices
- Landowner incentives
- Market inefficiency
- Perpetuity
- Working forests
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