Housing markets and vacant land
The paper examines land use in an urban zone. We propose a partial equilibrium model of housing markets with both vacant and built up land. The existing literature, precluding physical decay of housing stocks, assumes building decisions to be irreversible and treats any given stock of vacant land as an exhaustible resource. In contrast, we argue that vacant land is built upon in finite time rather than asymptotically, and reduces to a temporary phenomenon only. When housing stocks depreciate, the continued replacement of existing structures allows to adjust the average structural intensity, even if all land is built upon.
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- N. Gregory Mankiw & David N. Weil, 1988.
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NBER Working Papers
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- Guillermo A. Galvo & Laurence J. Kotlikoff & Carlos Alfredo Rodriguez, 1978.
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UCLA Economics Working Papers
125, UCLA Department of Economics.
- Calvo, Guillermo A & Kotlikoff, Laurence J & Rodriguez, Carlos Alfredo, 1979. "The Incidence of a Tax on Pure Rent: A New (?) Reason for an Old Answer," Journal of Political Economy, University of Chicago Press, vol. 87(4), pages 869-74, August.
- Lawrence H. Goulder, 1989. "Tax Policy, Housing Prices, and Housing Investment," NBER Working Papers 2814, National Bureau of Economic Research, Inc.
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Regional Science and Urban Economics,
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- Sinn, Hans-Werner, 1986. "Vacant land and the role of government intervention," Munich Reprints in Economics 19877, University of Munich, Department of Economics.
- repec:fth:harver:1424 is not listed on IDEAS
- Goulder, Lawrence H., 1989. "Tax policy, housing prices, and housing investment," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 281-304, May.
- Turnovsky, Stephen J. & Okuyama, Toshiyuki, 1994. "Taxes, housing, and capital accumulation in a two-sector growing economy," Journal of Public Economics, Elsevier, vol. 53(2), pages 245-267, February.
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