Do Tighter Restrictions on Density Retard Development?
Williams ( 1991 ) builds a real-options model to investigate the timing and the scale decisions of property development. Williams asserts that tighter restrictions on density retard development. This article finds that there are some typos in Williams’s article such that his assertion does not hold in general. In particular, his assertion will not hold as long as the density restrictions are not set too low relative to the density level that would be chosen by landowners in the absence of any regulation. Copyright Springer Science+Business Media, LLC 2007
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- Bar-Ilan, Avner & Strange, William C., 1999. "The Timing and Intensity of Investment," Journal of Macroeconomics, Elsevier, vol. 21(1), pages 57-77, January.
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- Turnbull, Geoffrey K., 1991. "A comparative dynamic analysis of zoning in a growing city," Journal of Urban Economics, Elsevier, vol. 29(2), pages 235-248, March.
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