The production of our built environment involves many transaction costs. We want to avoid unnecessary transaction costs. Nevertheless, we hardly take account of transaction costs when considering different ways of organising the development process. The most important reason is probably the...

Theories of land markets should be intellectually sound and should be able to explain and predict market outcomes, such as price and volume of transactions, changes in these and locations of different land uses. Theories based on neo-classical economics, which largely ignore the role of...