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Ground Lease-Based Land Use System versus Common Interest Development

  • F. Frederic Deng
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    In recent decades, we observe brisk growth of ground lease-based land use systems, such as shopping malls, and Common Interest Developments in retail and residential real estate, respectively. I argue that the ground lease system is an efficient response to the hold-up problem in urban land use because of two facts: the bundled consumption of land and collective goods, and landowners’ limited ex-post mobility. It incorporates the core insight of Henry George view with Tiebout competition. But, due to bundled consumption, different characteristics of retail and residential real estate determine the dominance of the ground lease systems and CIDs, respectively.

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    File URL: http://le.uwpress.org/cgi/reprint/78/2/190
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    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 78 (2002)
    Issue (Month): 2 ()
    Pages: 190-206

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    Handle: RePEc:uwp:landec:v:78:y:2002:i:2:p:190-206
    Contact details of provider: Web page: http://le.uwpress.org/

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    1. Denice DiPasquale & Edward L. Glaeser, 1997. "Incentives and Social Capital: Are Homeowners Better Citizens?," Harvard Institute of Economic Research Working Papers 1815, Harvard - Institute of Economic Research.
    2. Fishback, Price V, 1992. "The Economics of Company Housing: Historical Perspectives from the Coal Fields," Journal of Law, Economics and Organization, Oxford University Press, vol. 8(2), pages 346-65, April.
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    4. Pashigian, B Peter & Gould, Eric D, 1998. "Internalizing Externalities: The Pricing of Space in Shopping Malls," Journal of Law and Economics, University of Chicago Press, vol. 41(1), pages 115-42, April.
    5. North, Douglass C. & Thomas, Robert Paul, 1971. "The Rise and Fall of the Manorial System: A Theoretical Model," The Journal of Economic History, Cambridge University Press, vol. 31(04), pages 777-803, December.
    6. Fred E. Foldvary, 1994. "Public Goods And Private Communities," Books, Edward Elgar Publishing, number 167, April.
    7. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
    8. Yinger, John, 1982. "Capitalization and the Theory of Local Public Finance," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 917-43, October.
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