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This work was motivated by a market failure - that of the
inefficient level of conserved forestland. Many benefits from
undeveloped forestland are not reflected in the market value of
forestland, leading to an inefficient level of conservation.
Furthermore, the continuity of these benefits is dependant on the
long-term preservation of forestland, and is critical to the
sustainability of our economy. Two independent surveys were mailed
to New England forestland owners in order to better understand and
evaluate the economic value of undeveloped forestland. Contingent
valuation was used to estimate forestland owners willingness to
accept (WTA) compensation for the conveyance of conservation
easements. Landowner attributes predicting long-term conservation
of their land were identified by means of factor analysis and
limited dependent variable models. Bootstrapping was employed to
form distribution-free estimates of WTA. Finally, the Complete
Combinatorial approach (Poe et al. 2005) was used to compare
regional WTA estimates and to evaluate the effect of a prediction
based valuation technique on WTA.
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