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...

This paper introduces Nash bargaining into a search model in order to identify various channels through which vacancy affects selling price and liquidity in the resale market for houses. The model shows the various vacancy effects in the form of greater seller holding cost, lower seller...

This paper examines how seller pricing decisions influence listing contract length and how these decisions affect price and liquidity in housing markets. Because list price affects broker effort required to sell the property, brokers respond to seller overpricing by increasing their desired...

This paper examines the effects of quantity restrictions on residential property prices in the presence of neighborhood externalities. A Brigham Young University policy limiting students' location choices provides a natural experiment for studying the externality and quantity restriction effects...

Many private common carriers or regulated utilities have eminent domain powers in the U.S. The rationale resembles that for local governments; lower cost of assembling land for long distance electric transmission, gas and oil products pipelines, etc. Recent court cases raise questions about...

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...