Leasehold estate

About: Leasehold estate is a research topic. Over the lifetime, 1589 publications have been published within this topic receiving 21480 citations. The topic is also known as: leasehold & tenancy.

Examining Institutional Change: Social Conflict in Nepal's Leasehold Forestry Programme

Abstract: Among developing countries, Nepal has been an enthusiastic leader in experimenting with participatory systems of forest governance. This article evaluates the state-initiated implementation of the leasehold forestry programme in Nepal, aimed at providing better livelihoods to the poorest sections of society by leasing patches of degraded forest land for a 40-year period. Using case studies in the middle hills, we studied the interaction between leasehold forestry users and forest dependent communities that were excluded from the programme. Our evaluation of local institutions and forest condition before and after implementation of the programme revealed that there is a high degree of social conflict between users and non-users, with an increase in forest degradation. Nevertheless, in some situations, user groups have developed innovative approaches to conflict resolution, leading to significant improvements in forest biodiversity and biomass levels. We conclude that it is not enough to simply change existing legislation and put a new institution in place. The degree to which such institutions can survive and succeed in achieving their objectives will depend crucially on how well they interface with existing institutions, and the manner in which this interface evolves over time in response to the needs and expectations of local communities.

Land Reform and the Political Organization of Agriculture

Abstract: The modern theory of agrarian organization has studied how the economic environment determines organizational form under the assumption of stable property rights to land The political economy literature has modeled the endogenous determination of property rights In this Paper we propose a model in which the economic organization of agriculture and the political equilibrium determining the distribution of property rights are jointly determined In particular, because the form of organization may affect the probability and distribution of benefits from agrarian reform, it may be determined in anticipation of this impact The model offers a reason for why tenancy, despite its economic advantages, has been so little used in countries where agrarian reform is a salient political issue We argue that this in particular helps to understand the dearth of tenancy and the relative failure of land reform in Latin America

Long Term Ground Leases, the Redevelopment Option and Contract Incentives

Abstract: Since the option to redevelop a property is valuable, ground leased property should trade at adiscount relative to fee simple property because of the impairment of the value of that optionresulting from the foreshortened horizon of the leaseholder. This discount would be over andabove the discount that results from the leaseholder’s non-existent residual claim to the property.We evaluate alternative contractual arrangements that may be more incentive compatible betweenthe owner of the leased fee and the leasehold. We find that a lease extension clause causes thelessee to defer development and develop at much higher density. Sharing of the value of theresidual claim between the owner of the leased fee and the leasehold also increases the intensityof redevelopment but results in earlier redevelopment. Also, we find that a more realisticescalation clause causes redevelopment to occur sooner but at similar density.