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A game-theoretic analysis of skyscrapers

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Author Info
Helsley, Robert W.
Strange, William C.

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Abstract

Skyscrapers are urbanism in the extreme, but they have received surprisingly little direct attention in urban economics. The standard urban model emphasizes differentials in access across locations, which determine land price differentials and building heights. This explanation leaves out an important force that appears to have historically influenced skyscraper construction: an inherent value placed on being the tallest. In this paper, we present a game-theoretic model of skyscraper development that captures this additional force. The model predicts dissipative competition over the prize of being tallest, a prediction consistent with the historical record. The paper discusses the implications of this result for the nature and efficiency of urban development and for the operation of urban real estate markets.

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File URL: http://www.sciencedirect.com/science/article/B6WMG-4PMJJY3-1/2/5ead93fd00eb6f09e1c8cb63d17dafc7
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Publisher Info
Article provided by Elsevier in its journal Journal of Urban Economics.

Volume (Year): 64 (2008)
Issue (Month): 1 (July)
Pages: 49-64
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Handle: RePEc:eee:juecon:v:64:y:2008:i:1:p:49-64

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

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  1. Michael R. Baye & Dan Kovenock & Casper G. de Vries, 2008. "Contests with Rank-Order Spillovers," Working Papers 2008-20, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
    Other versions:
  2. Jason Barr, 2008. "Skyscraper Height," Working Papers Rutgers University, Newark 2008-002, Department of Economics, Rutgers University, Newark. [Downloadable!]
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This page was last updated on 2009-11-7.

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