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The Economic Consequences of Regulatory Taking Risk on Land Value and Development Activity

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  • Riddiough, Timothy J.
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Urban Economics.

    Volume (Year): 41 (1997)
    Issue (Month): 1 (January)
    Pages: 56-77

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    Handle: RePEc:eee:juecon:v:41:y:1997:i:1:p:56-77

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    Web page: http://www.elsevier.com/locate/inca/622905

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Gerrit J. Knaap, 1997. "The Price Effects of Urban Growth Boundaries in Metropolitan Portland, Oregon," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 62(1), pages 26-35.
    2. Merton, Robert C., 1976. "Option pricing when underlying stock returns are discontinuous," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(1-2), pages 125-144.
    3. Harrison, J. Michael & Kreps, David M., 1979. "Martingales and arbitrage in multiperiod securities markets," Journal of Economic Theory, Elsevier, Elsevier, vol. 20(3), pages 381-408, June.
    4. McDonald, Robert & Siegel, Daniel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 101(4), pages 707-27, November.
    5. Shimko, David C, 1989. " The Equilibrium Valuation of Risky Discrete Cash Flows in Continuous Time," Journal of Finance, American Finance Association, American Finance Association, vol. 44(5), pages 1357-83, December.
    6. James C. Ohls & David Pines, 1975. "Discontinuous Urban Development and Economic Efficiency," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 51(3), pages 224-234.
    7. Geltner, David & Riddiough, Timothy & Stojanovic, Srdjan, 1996. "Insights on the Effect of Land Use Choice: The Perpetual Option on the Best of Two Underlying Assets," Journal of Urban Economics, Elsevier, Elsevier, vol. 39(1), pages 20-50, January.
    8. Brennan, Michael J & Schwartz, Eduardo S, 1982. " Regulation and Corporate Investment Policy," Journal of Finance, American Finance Association, American Finance Association, vol. 37(2), pages 289-300, May.
    9. Merton, Robert C, 1973. "An Intertemporal Capital Asset Pricing Model," Econometrica, Econometric Society, Econometric Society, vol. 41(5), pages 867-87, September.
    10. Titman, Sheridan, 1985. "Urban Land Prices under Uncertainty," American Economic Review, American Economic Association, American Economic Association, vol. 75(3), pages 505-14, June.
    11. Jan K. Brueckner, 1990. "Growth Controls and Land Values in an Open City," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 66(3), pages 237-248.
    12. Amin Kaushik & Capozza Dennis R., 1993. "Sequential Development," Journal of Urban Economics, Elsevier, Elsevier, vol. 34(2), pages 142-158, September.
    13. Blume, Lawrence & Rubinfeld, Daniel L & Shapiro, Perry, 1984. "The Taking of Land: When Should Compensation Be Paid?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 99(1), pages 71-92, February.
    14. Williams, Joseph T, 1991. "Real Estate Development as an Option," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 4(2), pages 191-208, June.
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    Cited by:
    1. Mayo, Stephen & Sheppard, Stephen, 2001. "Housing Supply and the Effects of Stochastic Development Control," Journal of Housing Economics, Elsevier, Elsevier, vol. 10(2), pages 109-128, June.
    2. Janmaat, John, 2008. "Playing monopoly in the creek: Imperfect competition, development, and in-stream flows," Resource and Energy Economics, Elsevier, Elsevier, vol. 30(3), pages 455-473, August.
    3. Janmaat, Johannus A., 2007. "Stakeholder Engagement in Land Development Decisions: A Waste of Effort?," MPRA Paper 6147, University Library of Munich, Germany.
    4. Osgood, Daniel E. & List, John A. & Margolis, Michael, 2002. "Closing The Barn Door: Construction And Endangered Species Restrictions," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California, Western Agricultural Economics Association 36598, Western Agricultural Economics Association.
    5. Geoffrey Turnbull, 2005. "The Investment Incentive Effects of Land Use Regulations," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 31(4), pages 357-395, December.
    6. Abdullah Yavas & C. Sirmans, 2005. "Real Options: Experimental Evidence," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 31(1), pages 27-52, August.
    7. Mayer, Christopher J. & Somerville, C. Tsuriel, 2000. "Land use regulation and new construction," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 30(6), pages 639-662, December.
    8. P. C. Cheshire & Stephen Charles Sheppard, 2004. "Land markets and land market regulation : progress towards understanding," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 566, London School of Economics and Political Science, LSE Library.
    9. Rose Lai & Ko Wang & Jing Yang, 2007. "Stickiness of Rental Rates and Developers’ Option Exercise Strategies," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 34(1), pages 159-188, January.
    10. Riddiough, Timothy J., 1997. "Debt and Development," Journal of Urban Economics, Elsevier, Elsevier, vol. 42(3), pages 313-338, November.
    11. Davis, Graham A., 2001. "The Credibility of a Threat to Nationalize," Journal of Environmental Economics and Management, Elsevier, vol. 42(2), pages 119-139, September.
    12. Thomas J. Miceli & Kathleen Segerson, 2011. "Regulatory Takings," Working papers, University of Connecticut, Department of Economics 2011-16, University of Connecticut, Department of Economics.
    13. Lee, Tan & Jou, Jyh-Bang, 2007. "The regulation of optimal development density," Journal of Housing Economics, Elsevier, Elsevier, vol. 16(1), pages 21-36, March.
    14. Nishihara, Michi, 2012. "Real option valuation of abandoned farmland," Review of Financial Economics, Elsevier, Elsevier, vol. 21(4), pages 188-192.
    15. Brent Ambrose, 2005. "Forced Development and Urban Land Prices," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 30(3), pages 245-265, April.
    16. Turnbull, Geoffrey K., 2004. "Development moratoria," Journal of Housing Economics, Elsevier, Elsevier, vol. 13(3), pages 155-169, September.
    17. Jou, Jyh-Bang, 2012. "Efficient growth boundaries in the presence of population externalities and stochastic rents," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 52(4), pages 349-357.
    18. Adanu, Kwami & Hoehn, John P. & Norris, Patricia & Iglesias, Emma, 2012. "Voter decisions on eminent domain and police power reforms," Journal of Housing Economics, Elsevier, Elsevier, vol. 21(2), pages 187-194.

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