A Comment on Zoning, Returns to Scale, and the Value of Undeveloped Land
The Review of Economics and Statistics
1993
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.
- DOI
- 10.2307/2110041
- Volume
- 75 (4)
- Pages
- 783
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