Do Tighter Restrictions on Density Retard Development?
AbstractWilliams ( 1991 ) builds a real-options model to investigate the timing and the scale decisions of property development. Williams asserts that tighter restrictions on density retard development. This article finds that there are some typos in Williams’s article such that his assertion does not hold in general. In particular, his assertion will not hold as long as the density restrictions are not set too low relative to the density level that would be chosen by landowners in the absence of any regulation. Copyright Springer Science+Business Media, LLC 2007
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Bibliographic InfoArticle provided by Springer in its journal The Journal of Real Estate Finance and Economics.
Volume (Year): 34 (2007)
Issue (Month): 2 (February)
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Web page: http://www.springerlink.com/link.asp?id=102945
Development density; Real options;
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