Batabyal, Amitrajeet; Biswas, Basudeb - Department of Applied Economics, Utah State University - 2004
The notion of a reservation value is a key feature of most contemporary dynamic and stochastic models of land … development. It is clear that the magnitude of the reservation value has a fundamental bearing on the decision to develop or … landowner’s reservation value as an exogenous variable. Therefore, the purpose of this paper is to endogenize the reservation …