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INTRODUCTION The most recent brawl amongst federal land ranchers, environmentalists, and bureaucrats to tumble through the louvered barroom doors of the Supreme Court was Public Lands Council v. Babbitt (1) [...]

Public land uses, other than raising livestock, have gained greater importance in policy proposals recently. Under the current property rights regime, the market solution of trading grazing permits is restricted; political action is used to allocate public land use. The effect of increased political pressure to emphasize noncommercial uses on grazing permits values is estimated. If the rights to grazing permits were secure and transferable, then the grazing permits values would not decrease in value as noncommercial uses become more desired. Results indicate the opposite effect occurs in that as noncommercial uses become more clear, grazing permit values have declined., I. INTRODUCTION Ranchers who meet certain conditions prescribed by the Taylor Grazing Act of 1934 have rights to harvest forage flows on public lands under a permit system administered by [...]