The Review of Economics and Statistics Vol. 75 No. 4 1993
A Comment on Zoning, Returns to Scale, and the Value of Undeveloped Land
Abstract
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.
- DOI
- 10.2307/2110041
- Volume
- 75
- Issue
- 4
- Pages
- 783
- Sources
- openalex crossref