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Quantity Premia in Real Property Markets

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  • Takatoshi Tabuchi

Abstract

In 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 Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 72 (1996)
Issue (Month): 2 ()
Pages: 206-217

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Handle: RePEc:uwp:landec:v:72:y:1996:i:2:p:206-217

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Web page: http://le.uwpress.org/

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Cited by:
  1. 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.
  2. 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).
  3. Liang Peng & Thomas Thibodeau, 2012. "Government Interference and the Efficiency of the Land Market in China," The Journal of Real Estate Finance and Economics, Springer, vol. 45(4), pages 919-938, November.

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