This dissertation examines the conversion decision of a landowner from an undeveloped or agricultural use to a subdivision in the presence of an active housing market and an active land preservation program. It utilizes a unique panel dataset and incorporates a real options framework to evaluate the impacts of housing market volatility on conversion timing. At the same time, this work evaluates the impact of a preservation program on the timing of conversion. Typical program evaluation of this type focuses on quantity or quality of acres enrolled….
Author: Bockstael, Nancy
Source: University of Maryland
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