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A Neo-Classical Supply-Based Approach to Land Prices

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  • Barrie Needham

    (Institute of Geography and Planning, University of Nijmegen, the Netherlands)

Abstract

Current interest in land-price theory is dominated by attempts to explain the structure of land prices and land uses in urban areas. Those theories, however, do not enable certain important political issues to be elucidated, in particular the relationship between produce price and land price. A different approach is therefore suggested, which considers the supply of land to consist of a supply of stocks of land differentiated by fertility, location, etc., the production function for an industry being different for each type of land used. By using the conventional tools of neo-classical analysis, the relationships between land price, product price, and the intensity of land use are derived, also the effect on land and product prices of competition for land between different industries.

Suggested Citation

  • Barrie Needham, 1981. "A Neo-Classical Supply-Based Approach to Land Prices," Urban Studies, Urban Studies Journal Limited, vol. 18(1), pages 91-104, February.
    • Handle: RePEc:sae:urbstu:v:18:y:1981:i:1:p:91-104
    DOI: 10.1080/00420988120080071
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    References listed on IDEAS

    as
    1. Paul A. Samuelson, 1959. "A Modern Treatment of the Ricardian Economy: I. The Pricing of Goods and of Labor and Land Services," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 73(1), pages 1-35.
    2. Alan W. Evans, 1973. "The Economics of Residential Location," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-01889-5.
    3. Fallis, George, 1979. "Factor substitution, employment density and suburbanization," Journal of Urban Economics, Elsevier, vol. 6(2), pages 156-175, April.
    4. Hansen, Bent, 1979. "Colonial Economic Development with Unlimited Supply of Land: A Ricardian Case," Economic Development and Cultural Change, University of Chicago Press, vol. 27(4), pages 611-627, July.
    5. Peter F. Colwell & C. F. Sirmans, 1978. "Area, Time, Centrality and the Value of Urban Land," Land Economics, University of Wisconsin Press, vol. 54(4), pages 514-519.
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