The report examines the usefulness of using the differential in the value of land of similar productive characteristics on the flood plain and in the upland areas as a measure of the benefits accruing from the provision of flood protection to agricultural areas. A theoretical model is produced and applied to two reaches of the Wabash River and one reach of the White River. The three reaches represent three different topological and flood plain width combinations. The results of the land-value approach are compared with benefit estimates prepared previously using synthetic hydrology. The results of the analysis indicate that while the land-value approach cannot be universally applied there is a considerable range of topological conditions under which the approach offers a viable alternative to current procedures. (Author).