A Comment on Zoning, Returns to Scale, and the Value of Undeveloped Land
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.
Volume (Year): 75 (1993)
Issue (Month): 4 (November)
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