Options
Housing Markets and Vacant Land
Journal
Journal of Economic Dynamics and Control
ISSN
0165-1889
Type
journal article
Date Issued
1996-09-01
Author(s)
Nielsen, Soren Bo
Abstract
The paper examines land use in an urban zone. We propose a partial equilibrium model of housing markets with both vacant and built-up land. The existing literature, precluding physical decay of housing stocks, assumes building decisions to be irreversible and treats any given stock of vacant land as an exhaustible resource. In contrast, we argue that vacant land is built upon in finite time rather than asymptotically, and reduces to a temporary phenomenon only. When housing stocks depreciate, the continued replacement of existing structures allows to adjust the average structural intensity, even if all land is built upon.
Language
English
Keywords
Housing markets
vacant land
land prices.
HSG Classification
not classified
Refereed
No
Publisher
Elsevier
Publisher place
North-Holland
Volume
20
Number
9-10
Start page
1731
End page
1762
Pages
32
Subject(s)
Eprints ID
21974