IDEAS home Printed from https://ideas.repec.org/p/ehl/lserod/566.html
   My bibliography  Save this paper

Land markets and land market regulation : progress towards understanding

Author

Listed:
  • Cheshire, P. C.
  • Sheppard, Stephen Charles

Abstract

We introduce the papers in this volume and put them into the context of the literature on land use regulation. We then synthesise and draw some conclusions from existing research on land use regulation and interpret the evidence currently available. In the light of this review we then identify issues for research. As we stress in this introduction, the analysis of land use regulation is, compared to regulation in other contexts, significantly neglected. We hope that this special issue which draws on the results of a conference held at the Lincoln Institute of Land Policy in the summer of 2002 will go some way towards highlighting and remedying this neglect.

Suggested Citation

  • Cheshire, P. C. & Sheppard, Stephen Charles, 2004. "Land markets and land market regulation : progress towards understanding," LSE Research Online Documents on Economics 566, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:566
    as

    Download full text from publisher

    File URL: http://eprints.lse.ac.uk/566/
    File Function: Open access version.
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Martin J. Bailey, 1959. "Note on the Economics of Residential Zoning and Urban Renewal," Land Economics, University of Wisconsin Press, vol. 35(3), pages 288-292.
    2. Mayer, Christopher J. & Somerville, C. Tsuriel, 2000. "Land use regulation and new construction," Regional Science and Urban Economics, Elsevier, vol. 30(6), pages 639-662, December.
    3. Engle, Robert & Navarro, Peter & Carson, Richard, 1992. "On the theory of growth controls," Journal of Urban Economics, Elsevier, vol. 32(3), pages 269-283, November.
    4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    5. Paul Thorsnes, 2000. "Internalizing neighborhood externalities: Subdivision size, zoning, and residential lot prices," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 6(2), pages 366-366, May.
    6. J. Phillips & E. Goodstein, 2000. "Growth management and housing prices: the case of Portland, Oregon," Contemporary Economic Policy, Western Economic Association International, vol. 18(3), pages 334-344, July.
    7. Cheshire, Paul & Sheppard, Stephen, 1995. "On the Price of Land and the Value of Amenities," Economica, London School of Economics and Political Science, vol. 62(246), pages 247-267, May.
    8. Jan K. Brueckner, 2000. "Urban Sprawl: Diagnosis and Remedies," International Regional Science Review, , vol. 23(2), pages 160-171, April.
    9. Paul Cheshire & Stephen Sheppard, 1989. "British Planning Policy and Access to Housing: Some Empirical Estimates," Urban Studies, Urban Studies Journal Limited, vol. 26(5), pages 469-485, October.
    10. Smith, V. Kerry & Poulos, Christine & Kim, Hyun, 2002. "Treating open space as an urban amenity," Resource and Energy Economics, Elsevier, vol. 24(1-2), pages 107-129, February.
    11. Evans, Alan W., 1999. "The land market and government intervention," Handbook of Regional and Urban Economics, in: P. C. Cheshire & E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 3, chapter 42, pages 1637-1669, Elsevier.
    12. P. C. Cheshire & E. S. Mills (ed.), 1999. "Handbook of Regional and Urban Economics," Handbook of Regional and Urban Economics, Elsevier, edition 1, volume 3, number 3.
    13. Edward Ludwig Glaeser & Joseph Gyourko, 2003. "The impact of building restrictions on housing affordability," Economic Policy Review, Federal Reserve Bank of New York, issue Jun, pages 21-39.
    14. Cheshire, Paul & Sheppard, Stephen, 1998. "Estimating the Demand for Housing, Land, and Neighbourhood Characteristics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(3), pages 357-382, August.
    15. 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.
    16. Brueckner, Jan K. & Lai, Fu-Chuan, 1996. "Urban growth controls with resident landowners," Regional Science and Urban Economics, Elsevier, vol. 26(2), pages 125-143, April.
    17. Jan K. Brueckner, 1990. "Growth Controls and Land Values in an Open City," Land Economics, University of Wisconsin Press, vol. 66(3), pages 237-248.
    18. Mayo, Stephen & Sheppard, Stephen, 2001. "Housing Supply and the Effects of Stochastic Development Control," Journal of Housing Economics, Elsevier, vol. 10(2), pages 109-128, June.
    19. Elena G. Irwin, 2002. "Interacting agents, spatial externalities and the evolution of residential land use patterns," Journal of Economic Geography, Oxford University Press, vol. 2(1), pages 31-54, January.
    20. Christian A. L. Hilber & Christopher J. Mayer, "undated". "Land Supply, House Price Capitalization, and Local Spending on Schools," Zell/Lurie Center Working Papers 392, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
    21. Philip E Graves, 2003. "Nonoptimal Levels of Suburbanization," Environment and Planning A, , vol. 35(2), pages 191-198, February.
    22. Riddiough, Timothy J., 1997. "The Economic Consequences of Regulatory Taking Risk on Land Value and Development Activity," Journal of Urban Economics, Elsevier, vol. 41(1), pages 56-77, January.
    23. Brueckner, Jan K., 1995. "Strategic control of growth in a system of cities," Journal of Public Economics, Elsevier, vol. 57(3), pages 393-416, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cheshire, Paul & Sheppard, Stephen, 2002. "The welfare economics of land use planning," Journal of Urban Economics, Elsevier, vol. 52(2), pages 242-269, September.
    2. Cheshire, Paul, 2009. "Urban land markets and policy failures," LSE Research Online Documents on Economics 30837, London School of Economics and Political Science, LSE Library.
    3. Paul Cheshire & Stephen Sheppard, 2005. "The Introduction of Price Signals into Land Use Planning Decision-making: A Proposal," Urban Studies, Urban Studies Journal Limited, vol. 42(4), pages 647-663, April.
    4. Paul Cheshire & Stephen Sheppard, 2005. "Introducing Price Signals into Land Use Planning Decision-making - a Proposal," ERSA conference papers ersa05p42, European Regional Science Association.
    5. Jou, Jyh-Bang, 2012. "Efficient growth boundaries in the presence of population externalities and stochastic rents," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(4), pages 349-357.
    6. Paul C. Cheshire & Christian A. L. Hilber, 2008. "Office Space Supply Restrictions in Britain: The Political Economy of Market Revenge," Economic Journal, Royal Economic Society, vol. 118(529), pages 185-221, June.
    7. Boaz Nandwa & Laudo Ogura, 2013. "Local urban growth controls and regional economic growth," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 51(3), pages 659-670, December.
    8. ., 2014. "Planning for a housing crisis: or the alchemy by which we turn houses into gold," Chapters, in: Urban Economics and Urban Policy, chapter 4, pages 79-103, Edward Elgar Publishing.
    9. Gyourko, Joseph & Molloy, Raven, 2015. "Regulation and Housing Supply," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 1289-1337, Elsevier.
    10. Paul Cheshire & Stephen Sheppard, 2004. "The Introduction of Price Signals into Land Use Planning," Urban/Regional 0410002, University Library of Munich, Germany.
    11. Jyh-Bang Jou, 2014. "Determinants of Efficient Growth Boundaries with Balanced Budgets and Stochastic Rents," Spatial Economic Analysis, Taylor & Francis Journals, vol. 9(1), pages 93-111, March.
    12. Caruso, Geoffrey & Peeters, Dominique & Cavailhes, Jean & Rounsevell, Mark, 2007. "Spatial configurations in a periurban city. A cellular automata-based microeconomic model," Regional Science and Urban Economics, Elsevier, vol. 37(5), pages 542-567, September.
    13. Wouter Vermeulen & Jan Rouwendal, 2008. "Urban Expansion or Clustered Deconcentration?," Tinbergen Institute Discussion Papers 08-043/3, Tinbergen Institute.
    14. Christian A. L. Hilber & Wouter Vermeulen, 2016. "The Impact of Supply Constraints on House Prices in England," Economic Journal, Royal Economic Society, vol. 126(591), pages 358-405, March.
    15. Guillaume POUYANNE & Frederic GASCHET, 2013. "The Effect Of Current And Future Land Use On House Prices," ERSA conference papers ersa13p249, European Regional Science Association.
    16. Ogura, Laudo M., 2005. "Urban growth controls and intercity commuting," Journal of Urban Economics, Elsevier, vol. 57(3), pages 371-390, May.
    17. John F. McDonald & Daniel P. McMillen, 2004. "Determinants of Suburban Development Controls: A Fischel Expedition," Urban Studies, Urban Studies Journal Limited, vol. 41(2), pages 341-361, February.
    18. Albert Solé-Ollé & Elisabet Viladecans-Marsal, 2007. "Economic and political determinants of urban expansion: Exploring the local connection," Working Papers 2007/5, Institut d'Economia de Barcelona (IEB).
    19. Stephen Gibbons & Susana Mourato & Guilherme Resende, 2014. "The Amenity Value of English Nature: A Hedonic Price Approach," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 57(2), pages 175-196, February.
    20. Hilber, Christian A. L. & Vermeulen, Wouter, 2012. "The impact of supply constraints on house prices in England," LSE Research Online Documents on Economics 59254, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    Regulation; zoning; land use; capitalisation; sprawl. JEL classification codes : D6; H4; L5; R1.;
    All these keywords.

    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • H4 - Public Economics - - Publicly Provided Goods
    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ehl:lserod:566. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: LSERO Manager (email available below). General contact details of provider: https://edirc.repec.org/data/lsepsuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.