This economic study explores land market development and identifies contributing sources to incomplete markets--markets that do not operate efficiently or yield consistent price information. Using graphical and mathematical arguments, I discuss the positive externality from private lands that present public benefit, and the impact on efficiency and landowner rents. I present a comprehensive economic analysis of conservation easements (the policy tool most often used by the private land preservation movement) and I use this analysis to determine contributing sources to the incomplete market. I...