AbstractThis paper investigates the determinants of skyscraper height. First a simple model is provided where potential developers desire not only profits but also social status. In equilibrium, height is a function of both the costs and benefits of construction and the heights of surrounding buildings. Using data from New York City, I empirically estimate skyscraper height over the 20th century. Via spatial regressions, I find evidence for height competition, which increases during boom times. In addition, I provide estimates of which buildings are economically “too tall” and by how many floors. Copyright Springer Science+Business Media, LLC 2012
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Bibliographic InfoArticle provided by Springer in its journal The Journal of Real Estate Finance and Economics.
Volume (Year): 45 (2012)
Issue (Month): 3 (October)
Contact details of provider:
Web page: http://www.springerlink.com/link.asp?id=102945
Skyscrapers; Building height; Status; New York City; D44; N62; R33;
Other versions of this item:
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- N62 - Economic History - - Manufacturing and Construction - - - U.S.; Canada: 1913-
- R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets
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