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Using this logic, we develop a novel approach for handling price endogeneity in land use models. We combine a control function approach with a duration model to identify the impact of prices in influencing land conversion. We find that failure to control for endogeneity results in large differences in elasticities. Specifically, we find an elasticity of 2.06 compared to 0.67 in a model without instrumentation. This difference is significant as it suggests that price\u2010based policies, such as \u2018green taxes\u2019, are likely more effective in altering development patterns than would be expected from a na\u00efve estimation that ignores price endogeneity. 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