PT - JOURNAL ARTICLE AU - Maximilian Auffhammer AU - Maya Duru AU - Edward Rubin AU - David L. Sunding TI - The Economic Impact of Critical-Habitat Designation: Evidence from Vacant-Land Transactions AID - 10.3368/le.96.2.188 DP - 2020 Mar 01 TA - Land Economics PG - 188--206 VI - 96 IP - 2 4099 - http://le.uwpress.org/content/96/2/188.short 4100 - http://le.uwpress.org/content/96/2/188.full SO - Land Econ2020 Mar 01; 96 AB - The Endangered Species Act requires the federal government to designate critical habitat for species listed as threatened or endangered. This provision has proven to be one of its most controversial, as it entails special management and potentially greater regulation. We measure the economic impact of critical-habitat designation by estimating its effect on the market value of vacant land. Using data from 13,000+ transactions that occurred within or near critical habitat for two species in California, we show that it resulted in a large and statistically significant decrease in land value, with the largest decreases occurring within urban growth boundaries. (JEL Q51, Q57)