A stationary-state perfect foresight model is developed in which housing and land are treated as investment assets convertible to each other at some costs. Investors hold either land or housing and are heterogeneous in the i. i. d idiosyncratic shocks to their conversion costs in every time...

This paper highlights the role of takeover defenses in the acquisition process. If managerial defensive effort is fixed, the unregulated level of takeover activity is lower than socially desirable since shareholders regard the financial incentives given to raiders to stimulate takeover activity...

According to the standard model of urban traffic congestion and urban spatial structure, congestion tolling results in a more concentrated city. In recent years, a new model of rush hour urban auto congestion has been developed which incorporates trip-timing decisions: the bottleneck model. In...

In the discursive literature on rent control, it has been argued that rent controls cause the rental housing market to become "tighter" -- the vacancy rate falls, search costs rise, and tenants become less well-matched with housing units-but at the same time restrict landlords’ ability to...

Recent success in introducing road pricing, as well as recent polls suggest that road pricing schemes are politically viable if a large majority of drivers benefit. In this paper we analyze the welfare effects of an optimal time-varying toll impose during the morning commute. The toll tends to...

There are constraints on pricing congestible facilities. First, if heterogeneous users are observationally indistinguishable, then congestion charges must be anonymous. Second, the time variation of congestion charges may be constrained. Do these constraints undermine the feasibility of marginal...