Estimating Price Paths for Residential Real Estate

Several approaches have been used to estimate and adjust for price movements in residential real estate; however, weaknesses remain in current systems. This paper incorporates a different way of measuring temporal price patterns. The method involves a time series model, an approach not previously employed when estimating real estate price movements. Using illustrative data, it is indicated that the proposed technique is likely more accurate than current procedures. The method also represents a significant adaptation of standard time series models. For the task at hand, the new model is arguably preferable to these more standard versions.

Investigation and response for farming-related stress among male farmers and their families

Master of ScienceSchool of Family Studies and Human ServicesElaine M. JohannesFarming is one of the most stressful occupations due to its unpredictable nature, physical demands, management complexities and connection to global markets. There are several factors that are outside of the farmer’s control including the economy, weather, and machinery breakdowns. The significant increase in depression and suicide among male farmers is a cause for national concern. The 2019 Farm Bill has developed a Farm and Ranch Assistance Network (FRSAN) Competitive Grants Program intended to address farm and ranching-related stress and associated behavioral health issues by providing farmers with increased regional and state resources for support during times of need. However, high levels of stress, mid-west “boot strap” culture, stigma and customary masculine identity can prevent male farmers from seeking resources to increase their coping skills. Although customary resources of help, such as telephone helplines and mental health treatment are considered to be important helping resources, they have been shown to be ineffective since farmers do not typically access them. In this report, the author explores the economic, social and family-related issues confronting mid-west male farmers, and in response recommends a social marketing campaign to: a) improve the awareness of farmers and their families of the need for increased coping skills during tough farming-related times and b) motivates the male farmer to view the act of seeking help as an act of courage instead of an act of personal weakness. Though a social marketing campaign provides an essential step towards connecting farmers to external support, the limitations of a social marketing campaign are discussed

A Model for Federal Public Land Surface Rights' Management

The U.S. Forest Service and U.S. Bureau of Land Management control larges tracts of Federal public lands mainly in the western United States. Management goals for lands controlled by these agencies are described as "multiple-use." Some of the lands are forested, mountainous, contain wildlife or possess other scenic and recreational attributes and warrant the federal multiple-use designation; however, a significant portion of the land, especially that under BLM control, contains little scenic, recreation or wildlife value, thus offering very little multiple-use potential and non-pecuniary value. Much of the land not warranting multiple-use potential has never been titled to anyone except the Federal Government (never sold nor homesteaded). Inherent in the management of all Federal lands is a defacto fiduciary responsibility to prudently and efficiently manage these assets. We develop a framework that measures present values of both quantitative and qualitative economic benefits and costs of Federal public lands to assist managers and policy makers in determining future management policy. By applying this framework, Federal public land policymakers may be aided in fulfilling their fiduciary responsibilities.

Valuation of Property Surrounding a Resort Community

This article uses hedonic modeling for valuation of real estate located near Jackson, Wyoming and agricultural property throughout the remainder of Wyoming. The attributes of the hedonic model used to value resort properties are compared with attributes of the model used to value agricultural properties. It is observed that attributes affecting the value of resort property are significantly different from attributes affecting the value of agricultural property. Resort properties, even though classified as agricultural, derive their values from scenic amenities, existence of streams, vegetation and relative location. Alternatively, agricultural lands throughout the remainder of Wyoming derive value from a combination of productive and nonproductive attributes.

Additional Evidence on the Homogeneity of the Value of Government Grazing Leases and Changing Attributes for Ranch Values

Using Wyoming ranch sales from 1979-1983 and 1989-1993, this study investigates how ranch value determining attributes may have changed over this period. The 1979-1983 period is one of political stability and rising prices. In constrast, the 1989-1993 period is one of political uncertainty but stable prices. It is found, during 1989-1993, ranch prices were based more on productivity; whereas, during the earlier period, prices were based more on speculative potential. Also, it is found that government grazing leases were valued differently between time periods, ecological regions, and types of leases. This suggests that the current single-price grazing fee commonly used misprices many leases. Because of the heterogeneity in the value of grazing leases, we recommend a variable-fee form of pricing be adopted.

A Relationship of Trust: Are State ?School Trust Lands? Being Prudently Managed for the Beneficiary?

Every state entering the Union in the United States since 1803 received land grants from the federal government for the support of their public schools. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage trust assets for the beneficiary, their school systems. This paper addresses the question of whether managers of trust lands are meeting their fiduciary responsibilities of ??maximum economic benefit?? for their beneficiaries. Realized market value-based economic returns from grazing lease revenues and capital appreciation for all twenty-three counties in Wyoming are compared with returns that may have been generated from alternative investment policy alternatives. Market values and capital appreciation for school trust lands in Wyoming are estimated from hedonic models formulated from ranch sales data and grazing revenue data.