Economic issues in programs of transferable development rights

TRANSFERABLE DEVELOPMENT RIGHTS HAVE RECENTLY BEEN SUGGESTED AS AN INSTRUMENT FOR ACHIEVING DESIRED LAND-USE PATTERNS WITHIN A COMMUNITY OR REGION. ALTHOUGH THE LEGAL ASPECTS OF THE PROBLEMS HAVE BEEN EXHAUSTIVELY DISCUSSED, LITTLE ATTENTION HAS BEEN PAID TO THE ECONOMIC ASPECTS. IT IS CONCLUDED THA...

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Bibliographic Details
Published in:Land economics 1975-11, Vol.51 (4), p.331-340
Main Authors: Field, B.C, Conrad, J.M
Format: Article
Language:English
Subjects:
agricultural economics
Applications
Conservation easements
Development
Development rights
Economic impact
Land development
Land economics
Land ownership
Land use
Landowners
Marginal cost curve
Marginal revenue
Rights
Stock conversion prices
Transferable development rights
Transfers
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Summary:TRANSFERABLE DEVELOPMENT RIGHTS HAVE RECENTLY BEEN SUGGESTED AS AN INSTRUMENT FOR ACHIEVING DESIRED LAND-USE PATTERNS WITHIN A COMMUNITY OR REGION. ALTHOUGH THE LEGAL ASPECTS OF THE PROBLEMS HAVE BEEN EXHAUSTIVELY DISCUSSED, LITTLE ATTENTION HAS BEEN PAID TO THE ECONOMIC ASPECTS. IT IS CONCLUDED THAT APPARENTLY MINOR VARIATIONS IN THE INSTITUTIONS AND TRANSFER RULES GOVERNING THESE PROGRAMS CAN RESULT IN SIGNIFICANT DIFFERENCES IN THEIR EFFICIENCY WITHIN A LAND-USE PLANNING PROGRAM AS WELL AS IN THE DISTRIBUTION OF COSTS AND BENEFITS WITHIN A COMMUNITY. THE ECONOMIC ACTORS AND MARKET INSTITUTIONS WHICH WILL DETERMINE THE NUMBER AND VALUE OF DEVELOPMENT RIGHTS TRANSACTED AT ANY SPECIFIC TIME ARE IDENTIFIED, AND THE RESERVATION OR SUPPLY PRICE NECESSARY TO INDUCE VOLUNTARY SALE OF DEVELOPMENT RIGHTS IS CONSIDERED. ALSO DISCUSSED ARE THE DISTRIBUTION OF SURPLUSES FROM DEVELOPMENT RIGHT TRANSFERS AND SOME OF THE BROADER ISSUES OF EQUITY. CHARTS. REFERENCES.
ISSN:0023-7639
1543-8325
DOI:10.2307/3144950