Economics, Real Estate and the Supply of Land

The economic literature relating to the supply of land is drawn together here with the book covering the supply of land for urban development. It shows how land has characteristics differentiating it from other factors of production which will also affect its supply for some uses.

Alan Evans, Professor of Environmental Economics, Centre for Spatial and Real Estate Economics, School of Business, University of Reading

Preface

xiii

1 Introduction: The Market for Land and Property

1

(10)

The supply of land

1

(3)

The demand for land

4

(3)

The development of a theory of the supply of land

7

(4)

2 Land Values, Rents and Demand

11

(20)

Introduction

11

(1)

Ricardian rent theory

12

(1)

Neoclassical rent theory

13

(3)

Ricardian theory remembered

16

(1)

Planning controls and rent theory

17

(4)

Hierarchical planning systems

21

(2)

Urban rent theory

23

(2)

Rents, economic and commercial

25

(3)

Summary and conclusion

28

(3)

3 Coping with Changes in Demand

31

(16)

Introduction

31

(1)

The extensive margins

32

(2)

The intensive margin

34

(4)

Capital longevity and the asymmetry of change

38

(1)

The process of change in the housing market

39

(6)

Summary and conclusions

45

(2)

4 How Efficient is the Property Market?

47

(14)

Introduction

47

(1)

The economic concept of efficiency

48

(1)

Efficient markets

48

(4)

The evidence

52

(2)

Tests of market efficiency

54

(6)

Conclusions

60

(1)

5 Market Inefficiency: Causes and Consequences

61

(16)

Introduction

61

(1)

Why the property market is imperfect and inefficient

61

(3)

Price determination and the theory of the core

64

(3)

The consequences

67

(8)

Conclusions

75

(2)

6 The Supply of Land for a Particular Use: Speculation and Uncertainty

77

(12)

Introduction

77

(1)

Speculation

78

(6)

Uncertainty

84

(3)

Summary and conclusions

87

(2)

7 The Supply of Land for a Particular Use: Occupier Performances and Residential Attachment

89

(10)

Introduction

89

(1)

Owner occupier attachment

89

(6)

Some empirical evidence

95

(2)

Summary and conclusions

97

(2)

8 The Ownership of Land and Change in its Use

99

(16)

Introduction

99

(1)

Tenants, owner occupiers and the supply of land

100

(5)

Ownership and change

105

(7)

Summary and conclusions

112

(3)

9 Land Ownership, Politics and Society

115

(12)

Introduction

115

(1)

Society and the ownership of land

115

(2)

Alternative forms of ownership and tenancy

117

(5)

A libertarian view

122

(3)

Summary

125

(2)

10 Ownership and Control: Monopoly

127

(10)

Introduction

127

(1)

Monopoly rents and wine production

127

(3)

Monopoly rents and shopping centres

130

(4)

Summary and conclusions

134

(3)

11 Ownership and Control: Minimum Rents

137

(12)

Introduction

137

(1)

Minimum rents

138

(5)

Minimum rents in an urban environment

143

(5)

Summary and conclusions

148

(1)

12 Information, Uncertainty and the Property Market

149

(20)

Introduction

149

(2)

Modelling the search for information

151

(2)

Information, search and the property market

153

(5)

Searching for housing in practice

158

(4)

The housing market

162

(3)

The developer and land supply restrictions

165

(2)

Summary and conclusions

167

(2)

13 Land Availability and Land Banking

169

(18)

Introduction

169

(1)

Land availability

170

(5)

Land banking by private firms

175

(6)

Public land banking

181

(4)

Summary and conclusions

185

(2)

14 Contiguity: Site Assembly

187

(10)

Introduction

187

(1)

A game theory approach

188

(4)

A question of time

192

(2)

Conclusion

194

(3)

15 Contiguity: Compulsory Purchase and the Scale of Development

197

(14)

Introduction

197

(1)

Compulsory purchase and the speed of acquisition

198

(6)

Scale economies, acquisition costs and history

204

(4)

Summary and conclusion

208

(3)

16 Contiguity: Land Reallocation and the Price of Land

211

(8)

Introduction

211

(1)

Land reallocation and adjustment

211

(4)

Size of site and the price of land

215

(2)

Summary and conclusions

217

(2)

17 The Taxation of Land and Development Gains

219

(14)

Introduction

219

(1)

The undeserving landowner

220

(3)

Betterment

223

(2)

Economic theory and taxes on development

225

(3)

Land taxation in recent British history

228

(3)

Summary and conclusions

231

(2)

18 Annual Taxation and the Nationalisation of Land

233

(12)

Introduction

233

(1)

Property taxes and the rates

234

(2)

Site value taxation

236

(2)

Land nationalisation

238

(4)

Summary and conclusions

242

(3)

19 Conclusion: Themes and Changes in Perception

245

(4)

Recapitulation

245

(2)

Coda

247

(2)

References

249

(7)

Index

256

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Economics, Real Estate and the Supply of Land

Summary

Author Biography

Table of Contents

Supplemental Materials

FREE SHIPPING

Rent More, Save More! Use code: BBRENTAL

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Economics, Real Estate and the Supply of Land

Summary

Author Biography

Table of Contents

Supplemental Materials

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