Graduate Thesis Or Dissertation

 

Determinants of federal land grazing permit values and dependent livestock ranch values in eastern Oregon and Nevada 公开 Deposited

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  • The source and nature of permit value and the federal grazing fee debate motivated this dissertation research. There is little doubt that federal grazing permits have value throughout the western United States, but the source of permit value is unclear. A traditional explanation focuses on the capitalized differential between the "market value" of federal land forage and federal grazing fee levels. It has been argued that if federal grazing fees were to be raised to their "fair market value" the differential and thereby permit values would disappear. Positive permit values increase the values of privately owned whole ranch properties, but do federal grazing permits have value because grazing fees are less than market values of federal forage? Federal land permittees contend that they already are paying "fair market value" through the combination of the federal grazing fee and higher nonfee costs. The argument is that past federal grazing fee policies might have contributed to positive values, but since the majority of the current ranchers have had to buy the permits, they have already paid a significant permit cost. That permit cost should be recognized while establishing federal grazing fee and related permit tenure policies. This longstanding controversy provides justification for research into the determinants of permit and associated whole ranch values. In this research, two forms of a hedonic ranch value model are developed and several hypotheses are tested. The federal grazing permits have value and exert a positive influence on the privately-owned part of the ranch. It is not the capitalized differential between forage value and grazing fees that determine a permit's value however. Rather, enhanced carrying capacity made possible through the attachment of a federal grazing permit to the commensurate deeded portion of the whole ranch unit enables its operation at lower short- and long-run average total costs. In other words, economies of size are the real phenomena determining the permit's value. It is hoped that theoretical explanations and statistical tests of the determinants of federal land dependent ranch values will help federal grazing fee policy makers in their pursuit of rational reform on the western federal range.
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