保护区计划对附近房产价值的影响（英）

Matthew Wibbenmeyer, Yanjun (Penny) Liao, Hannah Druckenmiller, and About the Authors Matthew Wibbenmeyeris a fellow at Resources for the Future (RFF). Wibbenmeyer’sresearch studies climate impacts and mitigation within the US land sector, witha special emphasis on wildfire impacts and management. US wildfire activity has Yanjun (Penny) Liaois an economist and fellow at RFF. Liao’s research primarilyfocuses on issues of natural disaster risk management and climate adaptation. She hasstudied the impacts of disasters on local government budgets, housing markets, anddemographic changes. Her ongoing work investigates how disaster insurance interactswith the housing and mortgage sector, as well as the economic and fiscal impacts ofadaptation policies on local communities. Liao earned her PhD in economics from UC Hannah Druckenmilleris an assistant professor of cconomics and a William H. HurtScholar at the California Institute of Technology (Caltech). Druckenmiller is also auniversity fellow at RFF, research fellow at the National Bureau of Economic Research,and an affiliate of Caltech’s Linde Center for Science, Society, and Policy. She receivedher PhD in Agricultural and Resource Economics from UC Berkeley. Her research aims Richard Iovannais a senior agricultural economist at the US Department of AgricultureFarm Production and Conservation Business Center. Prior to his current role, he was anEconomist at the US Enviornmental Protection Agency. He earned his Master of PublicAffairs at Princeton University. Iovanna’s research focuses on efficient conservation Acknowledgements This material is based upon work supported by the US Department of Agriculture,under agreement number FSA23CPT0013574. Any opinions, findings, conclusions,or recommendations expressed in this publication are those of the author(s) and donot necessarily reflect the views of the US Department of Agriculture. In addition, Disclaimer The findings and conclusions in this report are those of the authors and should not beconstrued to represent any official US Department of Agriculture or US Government About RFF Resources for the Future (RFF) is an independent, nonprofit research institution inWashington, DC. Its mission is to improve environmental, energy, and natural resourcedecisions through impartial economic research and policy engagement. RFF iscommitted to being the most widely trusted source of research insights and policy Working papers are research materials circulated by their authors for purposes ofinformation and discussion. They have not necessarily undergone formal peer review.The views expressed here are those of the individual authors and may differ from those Sharing Our Work Our work is available for sharing and adaptation under an Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) license. Youcan copy and redistribute our material in any medium or format; you must giveappropriate credit, provide a link to the license, and indicate if changes were made,and you may not apply additional restrictions. You may do so in any reasonablemanner, but not in any way that suggests the licensor endorses you or your use.You may not use the material for commercial purposes. If you remix, transform, or The Impact of the Conservation Reserve Program on Nearby Property Values∗ Matthew Wibbenmeyer†1, Yanjun (Penny) Liao1, Hannah Druckenmillerand Rich Iovanna31Resources for the Future, Washington, DC, USA2California Institute of Technology, Pasadena, California, USA3USDA Farm Production and Conservation, Washington, DC, USAJanuary 21, 2026 Abstract Conservation programs are often viewed as competing with local economic activity,yet they may also generate environmental amenities for nearby communities. We esti-mate how land enrolled in the Conservation Reserve Program (CRP)—the largest USpayments-for-ecosystem-services program—affects residential property values.Usingnationwide field-level CRP data from 2012–2022 linked to home transactions, we applya repeat-sales hedonic framework to identify how changes in nearby CRP land influ-ence transaction prices of the same properties. We find that CRP enrollment produces Classification:Social Sciences;Keywords:Payments for Ecosystem Services, Land Con- 1Introduction Conservation is often perceived to be at odds with economic activity. Payments-for-ecosystem-services (PES) programs have been promoted as a way to ease this tension by providinglandowners with financial compensation for setting aside land or adopting environmentallybeneficial practices.Because participation is voluntary, those who enroll do so only if itimproves—or at least does not reduce—their own welfare. However, PES programs can havespillover effects beyond those who participate directly. Using land for conservation may de- CRP pays farmers in ecologically sensitive areas to remove land from production andreplace crop cover with native vegetation for 10–15 years to provide environmental benefi