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.

HIS paper reviews the evolution of fiscal T indicators from changes in the Federal budget to the initial impact variables. The highly touted full employment surplus has severe weaknesses as a measure of exogenous actions.' Attempts to correct these weaknesses have led to the development of various alternative indicators. Of these, the indicators measuring the initial impact of fiscal policy changes appear to be the most promising.2

This paper develops a model of security broker behavior under price uncertainty. The model examines the process of matching orders and the determinants of equilibrium brokerage commission rates. Institutional arrangements, search efficiency, execution costs, volume, risk, and the unit price of the security are shown to affect equilibrium brokerage commission rates. Some stylized facts of security brokerage are explained.