Housing markets and vacant land
AbstractThe paper examines land use in an urban zone. We propose a partial equilibrium model of housing markets with both vacant and built up land. The existing literature, precluding physical decay of housing stocks, assumes building decisions to be irreversible and treats any given stock of vacant land as an exhaustible resource. In contrast, we argue that vacant land is built upon in finite time rather than asymptotically, and reduces to a temporary phenomenon only. When housing stocks depreciate, the continued replacement of existing structures allows to adjust the average structural intensity, even if all land is built upon.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Dynamics and Control.
Volume (Year): 20 (1996)
Issue (Month): 9-10 ()
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Web page: http://www.elsevier.com/locate/jedc
Other versions of this item:
- Christian Keuschnigg & S›ren Bo Nielsen, . "Housing Markets and Vacant Land," EPRU Working Paper Series 95-18, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
- Keuschnigg, Christian & Nielsen, Soren Bo, 1994. "Housing Markets and Vacant Land," Economics Series 1, Institute for Advanced Studies.
- R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
- R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
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