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Market and Shadow Land Rents with Congestion

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  • Arnott, Richard J
  • MacKinnon, James G

Abstract

This paper deals with the cost-benefit valuation of urban land in residential and road use, when there is flow congestion in transportation and congestion tolls are not imposed. Conventional procedures for determining the shadow value of land in road or residential use ignore certain general equilibrium effects, and always overstate the true values. To illustrate the correct procedures, an urban simulation model is used to calculate shadow rents of land as a function of location. The model is more realistic than most theoretical urban models, particularly in its treatment of congestion.
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Suggested Citation

  • Arnott, Richard J & MacKinnon, James G, 1978. "Market and Shadow Land Rents with Congestion," American Economic Review, American Economic Association, vol. 68(4), pages 588-600, September.
    • Handle: RePEc:aea:aecrev:v:68:y:1978:i:4:p:588-600
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    Cited by:

    1. Anas, Alex & Xu, Rong, 1999. "Congestion, Land Use, and Job Dispersion: A General Equilibrium Model," Journal of Urban Economics, Elsevier, vol. 45(3), pages 451-473, May.
    2. Papageorgiou, Yorgos Y. & Pines, David, 2000. "Externalities, Indivisibility, Nonreplicability, and Agglomeration," Journal of Urban Economics, Elsevier, vol. 48(3), pages 509-535, November.
    3. Anas, Alex & Rhee, Hyok-Joo, 2006. "Curbing excess sprawl with congestion tolls and urban boundaries," Regional Science and Urban Economics, Elsevier, vol. 36(4), pages 510-541, July.
    4. L.J. Kimbell & G.W. Harrison, 1982. "General Equilibrium Analysis of Regional Fiscal Incidence," Economics Discussion / Working Papers 82-06, The University of Western Australia, Department of Economics.
    5. De Borger, Bruno & Wouters, Sandra, 1998. "Transport externalities and optimal pricing and supply decisions in urban transportation: a simulation analysis for Belgium," Regional Science and Urban Economics, Elsevier, vol. 28(2), pages 163-197, March.
    6. Edward L. Glaeser & Matthew E. Kahn & Jordan Rappaport, 2000. "Why Do The Poor Live In Cities?," Harvard Institute of Economic Research Working Papers 1891, Harvard - Institute of Economic Research.
    7. Small, Kenneth A., 1999. "Economies of scale and self-financing rules with non-competitive factor markets," Journal of Public Economics, Elsevier, vol. 74(3), pages 431-450, December.
    8. Ross, Stephen L. & Yinger, John, 2000. "Timing Equilibria in an Urban Model with Congestion," Journal of Urban Economics, Elsevier, vol. 47(3), pages 390-413, May.
    9. Agarwal, Sumit & Koo, Kang Mo & Sing, Tien Foo, 2015. "Impact of electronic road pricing on real estate prices in Singapore," Journal of Urban Economics, Elsevier, vol. 90(C), pages 50-59.
    10. De Lara, Michel & de Palma, André & Kilani, Moez & Piperno, Serge, 2013. "Congestion pricing and long term urban form: Application to Paris region," Regional Science and Urban Economics, Elsevier, vol. 43(2), pages 282-295.
    11. Pines, David & Kono, Tatsuhito, 2012. "FAR regulations and unpriced transport congestion," Regional Science and Urban Economics, Elsevier, vol. 42(6), pages 931-937.
    12. Voith, Richard, 1998. "Parking, Transit, and Employment in a Central Business District," Journal of Urban Economics, Elsevier, vol. 44(1), pages 43-58, July.
    13. Huang, Naqun & Li, Jing & Ross, Amanda, 2018. "The impact of the cost of car ownership on the house price gradient in Singapore," Regional Science and Urban Economics, Elsevier, vol. 68(C), pages 160-171.
    14. Richard Arnott, 1994. "Alleviating Traffic Congestion: Alternatives to Road Pricing," Boston College Working Papers in Economics 282., Boston College Department of Economics.
    15. Tao Li, 2020. "The Value of Access to Rail Transit in a Congested City: Evidence from Housing Prices in Beijing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(2), pages 556-598, June.
    16. McDonald, John F., 2009. "Calibration of a monocentric city model with mixed land use and congestion," Regional Science and Urban Economics, Elsevier, vol. 39(1), pages 90-96, January.
    17. Michel de Lara & André de Palma & Moez Kilani & Serge Piperno, 2008. "Congestion pricing and long term urban form: Application to Ile-de-France," Working Papers hal-00348439, HAL.
    18. Kono, Tatsuhito & Joshi, Kirti Kusum, 2012. "A new interpretation on the optimal density regulations: Closed and open city," Journal of Housing Economics, Elsevier, vol. 21(3), pages 223-234.
    19. Kono, Tatsuhito & Joshi, Kirti Kusum & Kato, Takeaki & Yokoi, Takahisa, 2012. "Optimal regulation on building size and city boundary: An effective second-best remedy for traffic congestion externality," Regional Science and Urban Economics, Elsevier, vol. 42(4), pages 619-630.

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