Quantity Premia in Real Property Markets
AbstractIn this paper, a theory of nonlinear pricing is tested using 1993 land market data in residential districts of the Osaka metropolitan area. It is shown that quantity premia prevail in real property markets, i.e., larger lots are proportionately more expensive. This is due to irreversibility in changing lot size and an oligopolistic market structure with nondecreasing marginal utility of lot size.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 72 (1996)
Issue (Month): 2 ()
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Web page: http://le.uwpress.org/
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- Adelaja, Adesoji O. & Gibson, Melissa, 2008. "Municipal Land Use and the Financial Viability of Schools," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6412, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Chihiro Shimizu & Kiyohiko Nishimura, 2007. "Pricing Structure in Tokyo Metropolitan Land Markets and its Structural Changes: Pre-bubble, Bubble, and Post-bubble Periods," The Journal of Real Estate Finance and Economics, Springer, vol. 35(4), pages 475-496, November.
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