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Land Ownership Risk and Urban Development

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  • Thomas J Miceli
  • C. F Sirmans
  • Geoffrey K Turnbull

Abstract

Under certainty, unlimited duration of private ownership of land provides landowners with efficient development incentives. However, in cases of ownership risk arising from title mistakes, fraud, boundary encroachment, or adverse possession, the statute of limitations sets a limit on how long agents have to establish or defend an ownership claim. This paper demonstrates that such restrictions speed the pace of land development and systematically affect the development density according to site location in the urban land market. It also offers an explanation of why land owners prefer a time limit on the ability to defend their ownership. It shows that the value-maximizing statute varies across sites in the spatial market. Copyright Blackwell Publishing, Inc. 2003

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Regional Science.

Volume (Year): 43 (2003)
Issue (Month): 1 ()
Pages: 73-94

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Handle: RePEc:bla:jregsc:v:43:y:2003:i:1:p:73-94

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-4146

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Cited by:
  1. Geoffrey Turnbull, 2005. "The Investment Incentive Effects of Land Use Regulations," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 357-395, December.
  2. Thomas J. Miceli & Henry J. Munneke & C. F. Sirmans & Geoffrey K. Turnbull, 2008. "A Question of Title: Property Rights and Asset Values," Working papers 2008-32, University of Connecticut, Department of Economics.

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