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This study extends previous empirical research on land preservation by considering an actual land preservation scheme, the agricultural land reserve in British Columbia, Canada. The reserve was established in 1973 to ensure that development did not occur on the province's most productive agricultural land. 'To ensure that local food production is maintained,' 'the economic importance of British Columbia's agricultural sector,' and 'to protect the environment' are the most important factors that underlie support for the reserve. Aggregate, provincewide willingness to pay to maintain the land reserve is substantial, with our most conservative estimate being Can$91.18 million per year.

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In a deterministic setting, it has been demonstrated that taxes and quotas can be equivalent regulatory instruments and that both can in principle induce an optimal allocation of resources in markets where externalities are problematic. In this paper we consider growth, harvest, and demand uncertainty within the context of Canada's Pacific halibut fishery and find that, while taxes remain the preferred instrument, the welfare losses arising from the use of individual boat quotas are minor.

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