The effect of quasi-hyperbolic discounting on rural land conversion timing
AbstractThis article explores how the presence of a quasi-hyperbolic discount parameter in a land investment model can affect conversion times for undeveloped rural land. A simple model of land development is compared using both exponential discounting and quasi-hyperbolic discounting. The presence of quasi-hyperbolic discounting tends to increase the rate of land conversion and may lead to possible overdevelopment of rural lands.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics Letters.
Volume (Year): 19 (2012)
Issue (Month): 9 (June)
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Web page: http://www.tandfonline.com/RAEL20
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