Does tenure review in New Zealand’s South Island give rise to rents?

Ann Brower and Philip Meguire ()
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Philip Meguire: University of Canterbury, https://www.canterbury.ac.nz

Working Papers in Economics from University of Canterbury, Department of Economics and Finance

Abstract: Under “tenure review,” the ongoing privatization of South Island Crown pastoral leases, a pastoral lessee surrenders part of his leasehold, and acquires a freehold interest in the remainder. In order to determine whether the Crown sold the right to freehold too cheaply, we model the proportional difference between the price (per hectare) at which the Crown sold its interest to the lessee, and the prices paid to former lessees who have onsold some part of their new freeholds.

Keywords: tenure review; pastoral leases; New Zealand; rent seeking (search for similar items in EconPapers)
JEL-codes: K11 Q28 (search for similar items in EconPapers)
Pages: 7 pages
Date: 2010-08-01
New Economics Papers: this item is included in nep-law
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Persistent link: https://EconPapers.repec.org/RePEc:cbt:econwp:10/49

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