Presentation by Richard Meade to the AARES 53rd Annual Conference held 10-13 February 2009 in Cairns Australia.Forest and Forest Land Valuation - How to Value Forests and Forest Land to Include Carbon Costs and Benefits. forest, forest land valuation, carbon costs,
This paper describes (1) the processes of privatization of land management in selected transition countries and (2) the post-privatization changes in land administration institutions which are being crafted to establish land markets. It begins with the proposition that there are similar land market institutional problems which most "transition" countries are facing, due largely to common experiences in creating command economies during the past 50-80 years and the almost simultaneous decisions of these countries to move toward market political economies in the late 1980s and early 1990s.
New Zealand has introduced legislation to implement the world's first 'all sectors all gases' emissions trading scheme (ETS) as a way of reducing the country's greenhouse gas emissions. The Scheme is to retrospectively introduce a price for carbon emissions in forestry from 1 January 2008 and will phase in other sectors over time (notably agriculture from 2013). This report develops a methodology for valuing the impact of this change on forest and forest land value.
A theory of land market activity is developed for settings where there is uncertainty and private information about the security of land tenure. Land sellers match with buyers in a competitive search environment, and an illiquid land market emerges as a screening mechanism. As a consequence, adverse selection and an insecure system of property rights stifle land market transactions. The implications of the theory are tested using household level data from Indonesia.
Data show that rental markets for agricultural land held under customary forms of tenure in sub-Saharan Africa are often constrained, despite potential benefits for many households. The notion that conditions necessary for land rental will emerge in response to increasing population pressure and better prospects in farming is questioned. Attention is focused on the 'supply' of institutional change and on interest groups opposed to changes in customary tenure.
Opportunistic land encroachment, resulting from costly and incomplete enforcement of common land boundaries, is a problem in many less-developed countries. A multi-period model of such encroachment is presented in this paper. The model accounts explicitly for the cumulative effects of non-compliance of regulations designed to protect a finite, non-renewable resource - in this case common land - from private expropriation. Gradual evolution of property rights from common to private - the consequence of encroachment - is demonstrated to be an equilibrium.
Rapid growth of demand for agricultural land is putting pressure on property rights systems, particularly in Sub-Saharan Africa, where customary tenure systems have provided secure land access. Patterns of gradual, endogenous change toward formalization are being challenged by rapid and large-scale demands from outsiders. Little attention has focused on the gender dimensions of this transformation.
We study the developable land market in French periurban and rural areas under urban influence. Theoretical aspects and empirical results are derived from urban economics to analyse the main determinants of the price of developable land: distance from the urban centres, population, inhabitantsí income, etc. We focus especially on option values that come from irreversibility of development of farmland into residential plots, with uncertainly and inflow of information from the market.
Constrained access to land is increasingly recognized as a problem impeding rural household welfare in densely populated areas of Africa. This study utilizes household and parcel level data from rural Kenya to explore the linkage between land access and food security. We find that a 10% increase in operated land size would increase household total food consumption per capita, cereal consumption per capita, non-cereal consumption, and home produced food consumption by 2.6%, 2.1%, 2.7% and 5.4%, respectively.
Based on a multilevel and quantile hedonic analysis regarding the local public bus system and the prices of residential properties in Cardiff, Wales, we find strong evidence to support two research hypotheses: (a) the number of bus stops within walking distance (300–1500m) to a property is positively associated with the property's observed sale price, and (b) properties of higher market prices, compared with their cheaper counterparts, tend to benefit more from spatial proximity to the bus stop locations.
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