Option theory offers a useful way of modeling land value under uncertainty. While this approach underlies much theoretical analysis, the unanswered question is, to what extent does the market value of land reflect this option value? This paper exploits a unique natural experiment to obtain the...

Comparing agent-owner with agent-represented home sales illustrates that commission contracts lead to external agent moral hazard. Real estate developers are sophisticated sellers who can either use external agents or hire internal agents. The theory shows that neither scheme eliminates agent...

This paper provides new evidence of sales sequence-real estate price relations in a setting in which consumption risk and completion risk are both minimized and where agglomeration economics do not pertain. The results illustrate that the monotonic declining price "afternoon effect" or rising...

A dual land market is one in which the government owns a significant portion of developable land while real estate development is done primarily by the private sector. This paper examines Singapore's experience with its system of government land supply in a dual market, focusing on its response...

We examine the wealth effects of land acquisition using on a unique set of public land auction data in Singapore. The results of our event study provide evidence of positive excess returns associated with announcements of successful land acquisition. The evidence also supports the hypothesis...

We examine the wealth effects of land acquisition using a unique set of public land auction data in Singapore. The results of our event study provide evidence of positive excess returns associated with announcements of successful land acquisition. The evidence also supports the hypothesis that...