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)

中文翻译：

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关键栖息地指定的经济影响：来自空置土地交易的证据

《濒危物种法》要求联邦政府为列为受威胁或濒危物种的物种指定重要栖息地。该条款已被证明是最具争议的条款之一，因为它需要特殊的管理和潜在的更严格的监管。我们通过估计关键栖息地指定对空置土地市场价值的影响来衡量其经济影响。使用来自加利福尼亚州两个物种的关键栖息地内或附近发生的 13,000 多次交易的数据，我们表明这导致土地价值大幅下降且具有统计意义，其中最大的下降发生在城市增长边界内。(JEL Q51, Q57)