This paper develops a new approach to estimate the value of urban land. We extend AMM theory by adding the assumption of partial irreversibility. Bundled goods assumptions imply that land value with a structure can evolve differently than as-if vacant value, even in the first decades of...

Urban structures and urban growth rates are highly persistent. This has far-reaching implications for the optimal size and timing of new construction. We prove that rational developers postpone construction not because prospects are gloomy, but because they are bright. The slow mean reversion in...

Both supporters and critics of China’s urban land use regime use the language of state ownership to describe it. But significant reforms have taken place to that regime since the early 1990s — so much so that over much of China’s urban land area, de facto re-privatization has already...

This paper examines the fiscal motives behind municipal governments' decisions to allocate commercial and residential land when two categories of land use are subject to different fiscal revenue alternatives: business-related tax and/or land rent. We use urban parcel-level land transfers during...

Loss of biodiversity and pressures on ecosystem services are among the most pressing global environmental challenges. Changes in land cover and land use are the leading contributors to terrestrial biodiversity loss.

This paper assesses impact of accessibility corresponding to three distinct modes of urban transportation. The Alonso hypothesis of residents being fully compensated for rents increasing with proximity to CBD by employment opportunities is tested by application of a hedonic model using micro...