“…Fearnside (1990), Diegues (1992), Kaimowitz (1996) and Gould et al (2006), for example, claim that real land prices have risen over the last decades due to infrastructure development, favourable livestock product prices during the 1960s and 1970s, population growth, and urbanization. Faminow (1998), on the other hand, states that empirical evidence is limited, and shows that annual rates of return to land speculation in the Brazilian Amazon exceed the opportunity cost of capital only to a limited extent and in a small number of cases.…”