Internalizing Externalities Through Private Zoning: The Case of Walt Disney Company's Celebration, Florida
Do zoning rules need to come from government? This article highlights the economic features of one of the largest privately-planned towns: Celebration, Florida. The 10,000-resident town includes numerous privately-provided public goods as well as rules that reduce negative externalities within the community. These features are designed to internalize exter-nalities and maximize the value of the community to customers. We discuss how private planners, in contrast to government zoning boards, have an incentive to figure out which community features consumers value. Using this master-planned community as an example of a successful corporate venture, we show that the private sector can successfully provide zoning on a citywide scale.
Volume (Year): 40 (2010)
Issue (Month): 2 ()
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