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The Transition of Land to Urban Use

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Author Info
Richard Arnott
Frank D. Lewis

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Abstract

This paper investigates the economics of the transition of land from rural to urban use. A simple model examines the developer's problem: when and at what density should vacant land be developed to maximize the present value of land. Simple rules emerge relating the timing and density of new development. The timing rules are similar to those of Shoup; however, unlike Shoup, we express them in terms of market observables. In latter half of the paper, the rules are tested against recent Canadian experience and perform well.

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Publisher Info
Paper provided by Queen's University, Department of Economics in its series Working Papers with number 267.

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Length: 16
Date of creation: 1977
Date of revision:
Handle: RePEc:qed:wpaper:267

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  1. Teemu Lyytikäinen, 2007. "The Effect of Three-rate Property Taxation on Housing Construction," VATT Discussion Papers 419, Government Institute for Economic Research (VATT). [Downloadable!]
  2. Richard Arnott & Petia Petrova, 2002. "The Property Tax as a Tax on Value: Deadweight Loss," Boston College Working Papers in Economics 532, Boston College Department of Economics. [Downloadable!]
    Other versions:
  3. Karl Guntermann, 1997. "Residential Land Prices Prior to Development," Journal of Real Estate Research, American Real Estate Society, vol. 14(1), pages 1-18. [Downloadable!]
  4. Marcy Burchfield & Henry G. Overman & Diego Puga & Matthew A. Turner, 2005. "Causes of sprawl: A portrait from space," Working Papers tecipa-192, University of Toronto, Department of Economics. [Downloadable!]
    Other versions:
  5. Richard Arnott, 1998. "Neutral Property Taxation," Boston College Working Papers in Economics 411., Boston College Department of Economics. [Downloadable!]
    Other versions:
  6. K.C. Wong & George Norman, 1994. "The Optimal Time of Renovating a Mall," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 33-48. [Downloadable!]
  7. Amit Batabyal & Basudeb Biswas, 2005. "Endogenizing the Reservation Value in Models of Land Development Over Time and Under Uncertainty," ERSA conference papers ersa05p163, European Regional Science Association. [Downloadable!]
    Other versions:
  8. Jack Ochs & S.K. Han, 2006. "Tax Increment Financing," Working Papers 237, University of Pittsburgh, Department of Economics, revised Jan 2006. [Downloadable!]
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