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Policy uncertainty, asset value and ...

Marsh, Lorraine Marie Egan.

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Policy uncertainty, asset value and resource exploitation: The case of federal grazing permits.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Policy uncertainty, asset value and resource exploitation: The case of federal grazing permits./
作者:	Marsh, Lorraine Marie Egan.
面頁冊數:	143 p.
附註:	Adviser: Dan A. Sumner.
Contained By:	Dissertation Abstracts International61-07A.
標題:	Agriculture, Range Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9980526
ISBN:	0599867329

Policy uncertainty, asset value and resource exploitation: The case of federal grazing permits.
Marsh, Lorraine Marie Egan.

Policy uncertainty, asset value and resource exploitation: The case of federal grazing permits. - 143 p.

Adviser: Dan A. Sumner.

Thesis (Ph.D.)--University of California, Davis, 2000.

Access to certain federally owned land in the Western United States is regulated by a system of grazing permits that describes allowed uses. This system requires that a specific amount of the forage grown on these lands be used to raise livestock. Noncommercial use of this forage can result in revocation of the permit. This study estimates some effects of increased demand for noncommercial uses of forage on federally owned land on the value of grazing permits and on the stocking rate for livestock placed on the land controlled by the grazing permit.

ISBN: 0599867329Subjects--Topical Terms:

1022885
Agriculture, Range Management.

Policy uncertainty, asset value and resource exploitation: The case of federal grazing permits.
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245 1 0 $a Policy uncertainty, asset value and resource exploitation: The case of federal grazing permits.
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502 $a Thesis (Ph.D.)--University of California, Davis, 2000.
520 $a Access to certain federally owned land in the Western United States is regulated by a system of grazing permits that describes allowed uses. This system requires that a specific amount of the forage grown on these lands be used to raise livestock. Noncommercial use of this forage can result in revocation of the permit. This study estimates some effects of increased demand for noncommercial uses of forage on federally owned land on the value of grazing permits and on the stocking rate for livestock placed on the land controlled by the grazing permit.
520 $a The only way to affect reallocation of forage from commercial use to noncommercial use is to lobby for governmental action. Consequently, demand for noncommercial uses is channeled into rent-seeking activities to reallocate forage. Since such rent seeking can increase the probability of permit expropriation of permits, these activities can affect both the value of grazing permits and the rate of resource use.
520 $a This dissertation tests two hypotheses using data on individual ranch sales in Nevada, stocking rates, climatic conditions, a measure of the level of contention over public lands policy, the private grazing fee and the public grazing fee. The first hypothesis is that if grazing permit values decline in response to increased demand for noncommercial forage uses. The second hypothesis is that intensity of grazing reacts positively to perceived declines in the security of property rights to grazing permits. These hypotheses are tested in a simultaneous system of equations in the context of the traditional theory of grazing permit values. The ranch price depends on the net present value of rents arising from both public and private sources. The value of the grazing permit is the net present value of the difference in cost between forage on publicly and privately owned land.
520 $a The empirical results indicate that as demand for noncommercial use of forage on federally owned lands has increased, the value of grazing permits to access that forage has decreased. The second hypothesis is rejected. Stocking rates decreased as demand for noncommercial forage use increased. Reasons for the observed pattern of stocking rates are suggested in the text.
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