"Hong Kong has used a system of planning by consent that predates planning by edict. By selling long leases on a contractual basis, the government has an incentive to provide the contractual terms, obligations and rights to the leaseholder that maximise the value of the land. This system has...

"In the December 2005 issue of" Economic Affairs", a collection of authors considered alternative institutions for planning and managing urban affairs. Following up the idea of 'planning by contract', this paper reflects on the role of negotiation in securing gains from trade over contested...