Relating Ranch Prices and Grazing Permit Values to Ranch Productivity

Abstract

The hypothesis is offered that all "outputs" produced by an investment in a cattle ranch have not been included in previous conventional analyses. These other "outputs" include tax shelters, land (and lease) appreciation, farm fundamentalism, and conspicuous consumption. Since these additional outputs are as much a part of the return on investment as is the output beef, they might well be consedered in evaluating use fees on public lands.