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A Comment on Zoning, Returns to Scale, and the Value of Undeveloped Land

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  • Colwell, Peter F
  • Sirmans, C F

Abstract

This paper revisits the relationship between land value and parcel size. The authors demonstrate that, using a simple arbitrage equilibrium argument, the value-size relationship is convex (concave) whenever land assembly (subdivision) is possible. They also explore further the impact of zoning on market outcomes. Copyright 1993 by MIT Press.

Suggested Citation

  • Colwell, Peter F & Sirmans, C F, 1993. "A Comment on Zoning, Returns to Scale, and the Value of Undeveloped Land," The Review of Economics and Statistics, MIT Press, vol. 75(4), pages 783-786, November.
  • Handle: RePEc:tpr:restat:v:75:y:1993:i:4:p:783-86
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    Cited by:

    1. Miriam Schoenbaum, 2002. "Environmental Contamination, Brownfields Policy, and Economic Redevelopment in an Industrial Area of Baltimore, Maryland," Land Economics, University of Wisconsin Press, vol. 78(1), pages 60-71.
    2. John Chamblee & Carolyn Dehring & Craig Depken & Joseph Nicholson, 2015. "Water Contamination, Land Prices, and the Statute of Repose," The Journal of Real Estate Finance and Economics, Springer, vol. 51(3), pages 398-414, October.
    3. Jeanty, Pierre Wilner & Kraybill, David S. & Libby, Lawrence W. & Sohngen, Brent, 2002. "Effects Of Local Development Pressure On Land Prices: A Spatial Economic Approach," 2002 Annual meeting, July 28-31, Long Beach, CA 19767, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. David Albouy & Gabriel Ehrlich, 2012. "Housing Productivity and the Social Cost of Land-Use Restrictions," NBER Working Papers 18110, National Bureau of Economic Research, Inc.
    5. Fiorenza Spalatro & Bill Provencher, 2001. "An Analysis of Minimum Frontage Zoning to Preserve Lakefront Amenities," Land Economics, University of Wisconsin Press, vol. 77(4), pages 469-481.
    6. Colwell, Peter F. & Munneke, Henry J., 1997. "The Structure of Urban Land Prices," Journal of Urban Economics, Elsevier, vol. 41(3), pages 321-336, May.
    7. M. Du Preez & M.C. Sale, 2011. "The impact of social housing developments on nearby property prices: A Nelson Mandela Bay Case Study," Working Papers 241, Economic Research Southern Africa.
    8. Tsai, Jyh-Fa & Chu, Chih-Peng, 2006. "Economic analysis of collecting parking fees by a private firm," Transportation Research Part A: Policy and Practice, Elsevier, vol. 40(8), pages 690-697, October.
    9. Ecker, Mark D. & Isakson, Hans R., 2005. "A unified convex-concave model of urban land values," Regional Science and Urban Economics, Elsevier, vol. 35(3), pages 265-277, May.
    10. repec:gam:jsusta:v:8:y:2016:i:5:p:432:d:69264 is not listed on IDEAS
    11. Gabriel Ahlfeldt & Wolfgang Maennig, 2008. "Award-Winning Architecture and Urban Revitalization: The Case of “Olympic Arenas” in Berlin-Prenzlauer Berg," Working Papers 0814, International Association of Sports Economists;North American Association of Sports Economists.
    12. Thorsnes, Paul, 2000. "Internalizing Neighborhood Externalities: The Effect of Subdivision Size and Zoning on Residential Lot Prices," Journal of Urban Economics, Elsevier, vol. 48(3), pages 397-418, November.
    13. Hee Jin Yang & Jihoon Song & Mack Joong Choi, 2016. "Measuring the Externality Effects of Commercial Land Use on Residential Land Value: A Case Study of Seoul," Sustainability, MDPI, Open Access Journal, vol. 8(5), pages 1-15, April.
    14. Sevrin Waights, 2016. "The Preservation of Historic Districts - Is it Worth it?," SERC Discussion Papers 0202, Spatial Economics Research Centre, LSE.
    15. Charles C. Tu, 2005. "How Does a New Sports Stadium Affect Housing Values? The Case of FedEx Field," Land Economics, University of Wisconsin Press, vol. 81(3).

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