ABSTRACT
This chapter outlines the general principles needed to evaluate the economic impact of poisonous plants on ranching operations. It examines how the existence of poisonous plants affect the value of land and grazing privileges used by an operator-a micro orientation. The cost approach is of little use in approaching the valuation of land and grazing privileges. Poisonous plants and other noxious weeds are some of the factors that can reduce net returns associated with the use of a piece of property. Perhaps the most obvious impact associated with poisonous plants is when an animal dies. In most cases, the costs incurred by an operator to avoid the effects caused by the existence of poisonous plants are not as obvious as are losses in revenues outlined. Any evaluation of the losses associated with poisonous plants must either explicitly consider how risks vary over time or assume that the losses measured in any single year are typical or average.
