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Viewing report
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Evaluating Transferable Development Rights at Lake
Tahoe. Edition No. 1
VDM Publishing House, Sep 2008, Pages: 128
Transferable development right (TDR) systems have
been implemented across the US in order to preserve
open space, historic sites, farmland and ecologically
sensitive area while permitting development. TDR
systems use market mechanisms in addition to zoning
ordinances to direct development away from publicly
valued resources towards areas that are better suited
for development. TDRs have a number of potential
advantages over other land preservation techniques;
however, like other artificial markets TDR systems do
not function according to a frictionless economic
models and involve significant public and private
costs. Although the literature on TDR systems
recognizes the complex nature of TDR systems, few
empirical studies have examined the administrative
and transaction costs underlying TDR systems. This
study examines the distribution of these costs on
agencies and private sector users of the TDR system
at Lake Tahoe, a fragile alpine lake bordering
California and Nevada. It concludes with a discussion
of how to improve TDR markets, and lessons for other
environmental markets.
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