The Timing of Land Development: An Invariance Result
The Arrow-Fisher-Henry (AFH) analysis of land development under uncertainty has been conducted in a two-period model. Recently, Capozza and Helsley (1990) and Batabyal (1995) have addressed the question of land development under uncertainty in a many-period setting. In this paper, aspects of this literature are extended by analyzing the land development question in a Markov decision theoretic framework. Inter alia, it is shown that the timing of land development is invariant to the manner in which a landowner uses information about the consequences of development. Copyright 1996, Oxford University Press.
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Volume (Year): 78 (1996)
Issue (Month): 4 ()
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