Spatial dependence and determinants of conservation easement adoptions in the United States.

A conservation easement is a market-based instrument for environmental protection. It has achieved rapid growth in the United States over the past few decades. As of 2015, 1.75% of the country's total land was placed under the restriction of conservation easements. In this study, spatial dependence in adopting conservation easements in the United States and the underlying determinants are examined through a spatial econometric model. The spatial panel data covers 50 individual states and six five-year intervals from 1990 to 2015. The findings reveal that spatial correlation in adopting conservation easements across individual states has become stronger over the study period, and the indirect spillover effect for most covariates is as high as one-third of the total effect. In addition, conservation easements have been utilized to protect threatened or strained natural resources. Populations with higher income or better education generally have helped the development of conservation easements. Government programs and policies favoring conservation easements also have positive impacts on easement adoption. These results can aid policymakers, landowners, and easement holders to efficiently allocate resources in acquiring conservation easements and managing currently eased land.