Urban spatial development: A real options approach

Tan Lee, Jyh Bang Jou

研究成果: 雜誌貢獻期刊論文同行評審

15 引文 斯高帕斯(Scopus)

摘要

We investigate urban spatial development assuming that landowners irreversibly develop property in an uncertain environment. Unlike the standard monocentric city model, we assume that bid rents for houses are not monotonically decreasing with the distance from the central business district (CBD) because there exist subcenters that are subsidiary to the CBD. As a result, land is initially developed outward from the CBD. Leapfrog development may happen, i. e., distant land from the CBD may be developed prior to nearby land; however, land that is developed later will be more densely developed because it is developed at a better state of nature. We further find that the development patterns of at least four large cities are consistent with that predicted by our model.

原文???core.languages.en_GB???
頁(從 - 到)161-187
頁數27
期刊Journal of Real Estate Finance and Economics
40
發行號2
DOIs
出版狀態已出版 - 1月 2010

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