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The Timing of Land Development: An Invariance Result


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  • Amitrajeet A. Batabyal


The Arrow-Fisher-Henry (AFH) analysis of land development under uncertainty has been conducted in a two-period model. Recently, Capozza and Helsley (1990) and Batabyal (1995) have addressed the question of land development under uncertainty in a many-period setting. In this paper, aspects of this literature are extended by analyzing the land development question in a Markov decision theoretic framework. Inter alia, it is shown that the timing of land development is invariant to the manner in which a landowner uses information about the consequences of development. Copyright 1996, Oxford University Press.

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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 78 (1996)
Issue (Month): 4 ()
Pages: 1092-1097

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Handle: RePEc:oup:ajagec:v:78:y:1996:i:4:p:1092-1097

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Cited by:
  1. Elmer, Nicole A. & Thurow, Amy Purvis & Johnson, Jason L. & Rosson, C. Parr, III, 2001. "An Ex Ante Assessment Of Investments In Texas Grapefruit Under Uncertainty," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(03), December.
  2. Batabyal, Amitrajeet A. & Yoo, Seung Jick, 2004. "Indivisibility And Divisibility In Land Development Decisions Over Time And Under Uncertainty," 2004 Annual meeting, August 1-4, Denver, CO 20278, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Barrett, Christopher B. & Batabyal, Amitrajeet A., 1996. "Modeling Ecological Constraints On Tropical Forest Management: Comment," Economics Research Institute, ERI Study Papers 28371, Utah State University, Economics Department.
  4. Sohngen, Brent & Hite, Diane & Templeton, Josh, 2001. "Land Use Change And Property Taxes: An Empirical Study Of The Effect Of Property Taxes On The Timing Of Land Conversion From Agricultural To Residential Development," 2001 Annual meeting, August 5-8, Chicago, IL 20773, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Batabyal, Amitrajeet A., 1999. "On some aspects of land development when the decision to develop is divisible," Resources Policy, Elsevier, vol. 25(3), pages 173-177, September.
  6. Haubrich, Joseph G. & Ritter, Joseph A., 2004. "Committing and reneging: A dynamic model of policy regimes," International Review of Economics & Finance, Elsevier, vol. 13(1), pages 1-18.


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