Cities and counties are overlapping jurisdictions in most US states. Virginia cities, however, are independent of counties, with separate tax bases and residents. This paper examines whether the Virginia system creates a horizontal relationship resembling that among cities in other states. It...

This article examines the price formation process under small numbers competition using data from Singapore land auctions. The theory predicts that bid prices are less than the zero-profit asset value in these first-price sealed-bid auctions. The model also shows that expected sales price...

This paper explains both squatting and preemptive eviction by landowners within the context of incomplete land markets. The model shows that squatting is not inevitable in incomplete property markets; instead, it arises from optimal landowner decisions not to fully exercise property rights. The...