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Economics Of Land Markets And Their Regulation
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Book Synopsis The Economics of Land Markets and Their Regulation by : P. C. Cheshire
Download or read book The Economics of Land Markets and Their Regulation written by P. C. Cheshire and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important research review brings together seminal works investigating the framework upon which the economic analysis of land markets is based, stretching from the earliest insights of the founding fathers to current debates and research. Recent work on the process and implications of 'land value capitalisation' and land use regulation is well represented, for due to capitalisation, land is responsible for far more of the distribution of real incomes than is widely recognised. This research review settles this, restoring the study of land markets to its rightful place - central to economic understanding.
Book Synopsis The Economics of Land Markets and Their Regulation by : Paul C. Cheshire
Download or read book The Economics of Land Markets and Their Regulation written by Paul C. Cheshire and published by Edward Elgar Publishing. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important volume brings together seminal papers investigating the framework upon which the economic analysis of land markets is based, stretching from the earliest insights of the founding fathers to current debates and research. Recent work on the process and implications of 'land value capitalisation' and land use regulation is well represented, for due to capitalisation, land is responsible for far more of the distribution of real incomes than is widely recognised. This collection settles this, restoring the study of land markets to its rightful place - central to economic understanding. With an original introduction by the editors this insightful collection is an essential reference point for students, researchers and policymakers.
Book Synopsis Economics of Land Markets and Their Regulation by :
Download or read book Economics of Land Markets and Their Regulation written by and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Markets and the Economy by : Karl E. Case
Download or read book Housing Markets and the Economy written by Karl E. Case and published by Lincoln Inst of Land Policy. This book was released on 2009 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the work of Karl "Chip" Case, who is renowned for his scientific contributions to the economics of housing and public policy, this is a must read during a time of restructuring our nation's system of housing finance.
Book Synopsis Urban Land Markets by : Somik V. Lall
Download or read book Urban Land Markets written by Somik V. Lall and published by Springer Science & Business Media. This book was released on 2009-10-07 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: As urbanization progresses at a remarkable pace, policy makers and analysts come to understand and agree on key features that will make this process more efficient and inclusive, leading to gains in the welfare of citizens. Drawing on insights from economic geography and two centuries of experience in developed countries, the World Bank’s World Development Report 2009: Reshaping Economic Geography emphasizes key aspects that are fundamental to ensuring an efficient rural-urban transformation. Critical among these are land, as the most important resource, and well-functioning land markets. Regardless of the stage of urbanization, flexible and forward-looking institu- ons that help the efficient functioning of land markets are the bedrock of succe- ful urbanization strategies. In particular, institutional arrangements for allocating land rights and for managing and regulating land use have significant implica- ons for how cities deliver agglomeration economies and improve the welfare of their residents. Property rights, well-functioning land markets, and the management and servicing of land required to accommodate urban expansion and provide trunk infrastructure are all topics that arise as regions progress from incipient urbani- tion to medium and high density.
Book Synopsis Zoning Rules! by : William A. Fischel
Download or read book Zoning Rules! written by William A. Fischel and published by . This book was released on 2015 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Zoning has for a century enabled cities to chart their own course. It is a useful and popular institution, enabling homeowners to protect their main investment and provide safe neighborhoods. As home values have soared in recent years, however, this protection has accelerated to the degree that new housing development has become unreasonably difficult and costly. The widespread Not In My Backyard (NIMBY) syndrome is driven by voters’ excessive concern about their home values and creates barriers to growth that reach beyond individual communities. The barriers contribute to suburban sprawl, entrench income and racial segregation, retard regional immigration to the most productive cities, add to national wealth inequality, and slow the growth of the American economy. Some state, federal, and judicial interventions to control local zoning have done more harm than good. More effective approaches would moderate voters’ demand for local-land use regulation—by, for example, curtailing federal tax subsidies to owner-occupied housing"--Publisher's description.
Book Synopsis The Economics of Zoning Laws by : William A. Fischel
Download or read book The Economics of Zoning Laws written by William A. Fischel and published by JHU Press. This book was released on 1987-08 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Land use controls can affect the quality of the environment, the provision of public services, the distribution of income and wealth, the development of natural resources, and the growth of the national economy. The Economics of Zoning Laws is the first book to apply the modern economic theory of property rights to all major aspects of zoning. Zoning laws are neither irrational constrints on otherwise efficient markets nor disinterested attempts to correct market failure. Rather, zoning must be viewed as a collective property right, vested in local governments and administered by politicians who rationally repsond to their constituents and to developers as markets for development rights arise. The Economics of Zoning Laws develops the economic theories of property rights and public choice and applies them to three zoning controversies: the siting of a large industrial plant, the exclusionary zoning of the suburbs, and the constitutional protection of propery owners from excessive regulation. Economic and legal theory, William Fischel contends, suggest that payment of damages under the taking clause of the Constitution may provide the most effective remedy for excessive zoning regulations.
Book Synopsis Analysis of Urban Land Markets and the Impact of Land Market Regulations by :
Download or read book Analysis of Urban Land Markets and the Impact of Land Market Regulations written by and published by . This book was released on 2004 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rethinking the Economics of Land and Housing by : Josh Ryan-Collins
Download or read book Rethinking the Economics of Land and Housing written by Josh Ryan-Collins and published by Zed Books Ltd.. This book was released on 2017-02-28 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why are house prices in many advanced economies rising faster than incomes? Why isn’t land and location taught or seen as important in modern economics? What is the relationship between the financial system and land? In this accessible but provocative guide to the economics of land and housing, the authors reveal how many of the key challenges facing modern economies - including housing crises, financial instability and growing inequalities - are intimately tied to the land economy. Looking at the ways in which discussions of land have been routinely excluded from both housing policy and economic theory, the authors show that in order to tackle these increasingly pressing issues a major rethink by both politicians and economists is required.
Book Synopsis The Emergence of Land Markets in Africa by : Stein Holden
Download or read book The Emergence of Land Markets in Africa written by Stein Holden and published by Routledge. This book was released on 2010-09-30 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first systematic attempt to address emerging land markets and their implications for poverty, equity, and efficiency across a number of African countries. The high incidence of poverty and the need for increased agricultural productivity remain acute in rural areas of sub-Saharan Africa, where a lack of secure land rights and a growing scarcity of land relative to the size of the population are becoming increasingly critical issues. Indeed, land issues in the region are high on the international policy agenda. Yet our knowledge about land tenure security and other rural factor markets (such as labor, oxen, manure, purchased inputs, and credit) is far from adequate to formulate sensible policies. The case studies in the book show that, while land markets and especially informal markets have been rapidly emerging in densely populated parts of Africa - and have generally been to the benefit of the poor--their functions remain imperfect. This is due to policy-induced tenure insecurity and the fragmentation of agricultural land. Applying rigorous quantitative analyses, the book provides a basis for taking into account the role of land markets in national land policies. All too often, the authors argue, land policies have been extreme, either prohibiting all land transactions or giving unrestricted freehold rights to a small elite at the expense of the poor. From the long experience in Asia, it is known that such policies are detrimental to both production efficiency and equity of land use. The authors argue that future policies in Africa should work with the markets. Regulations should be imposed only with careful testing that they are having the intended effects. The Emergence of Land Markets in Africa is a resource for teaching in developed and developing countries, as it provides both comprehensive reviews of the literature and detailed case studies. It is intended to facilitate the dialogue between researchers and policymakers, as well as inspire researchers to go further in their investigations and build an even stronger basis for good policies. The Emergence of Land Markets in Africa is the first publication in the new Environment for Development (EfD) book series. EfD books focus on research and applications in environmental and natural resource economics as they are relevant to poverty reduction and environmental problems in developing countries. The EfD book series is part of the EfD initiative. (www.environmentfordevelopment.org)
Book Synopsis The Oxford Handbook of Land Economics by : JunJie Wu
Download or read book The Oxford Handbook of Land Economics written by JunJie Wu and published by Oxford University Press. This book was released on 2014-06-20 with total page 769 pages. Available in PDF, EPUB and Kindle. Book excerpt: What do economists know about land-and how they know? The Oxford Handbook of Land Economics describes the latest developments in the fields of economics that examine land, including natural resource economics, environmental economics, regional science, and urban economics. The handbook argues, first, that land is a theme that integrates these fields and second, that productive integration increasingly occurs not just within economics but also across disciplines. Greater recognition and integration stimulates cross-fertilization among the fields of land economics research. By providing a comprehensive survey of land-related work in several economics fields, this handbook provides the basic tools needed for economists to redefine the scope and focus of their work to better incorporate the contemporary thinking from other fields and to push out the frontiers of land economics. The first section presents recent advances in the analysis of major drivers of land use change, focusing on economic development and various land-use markets. The second section presents economic research on the environmental and socio-economic impacts of land use and land use change. The third section addresses six cutting-edge approaches for land economics research, including spatial econometric, simulation, and experimental methods. The section also includes a synthetic chapter critically reviewing methodological advances. The fourth section covers policy issues. Four chapters disentangle the economics of land conservation and preservation, while three chapters examine the economic analysis of the legal institutions of land use. These chapters focus on law and economic problems of permissible government control of land in the U.S. context.
Book Synopsis Regulation for Revenue by : Alan A. Altshuler
Download or read book Regulation for Revenue written by Alan A. Altshuler and published by Brookings Institution Press. This book was released on 2000-08-21 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Lincoln Institute of Land Policy publication Over the past two decades Americans have become increasingly skeptical about the benefits of community growth and hostile to new taxes--while continuing to demand improvements in local services. One response to this tension has been a burgeoning movement to raise public revenue by regulating growth. In this timely book, the authors explain that most growing localities now require private developers to finance public improvements as a condition for receiving permits to build. These permit conditions, known as "exactions," are most commonly used to ensure that infrastructure capacity will be adequate to serve the occupants of new real estate developments and to lessen the harmful effects of these developments on other local citizens. Exactions are often used to finance new roads, water and waste disposal facilities, and public open space, but some communities have begun to require developer financing for such services as day care, job training, low-cost housing, and ride sharing. The authors see the dramatic growth of exaction financing as an epochal shift in the character of American land use regulation. A function once isolated from the local government mainstream is now close to heart of fiscal and public works decisionmaking. Politicians find exactions an extremely valuable tactic for resolving land use conflict. Lawyers and developers worry about how to establish appropriate limits on the use of exaction, economists debate their equity and efficiency, and planners consider their effect on urban reform. Regulation for Revenue offers an integrated appraisal of exaction financing, showing that exactions come in many forms and that they can be meaningfully evaluated only by comparison with realistic alternatives. These include growth restrictions, tolerance of infrastructure overload, and increased tax and user charges.
Book Synopsis Economics, Real Estate and the Supply of Land by : Alan W. Evans
Download or read book Economics, Real Estate and the Supply of Land written by Alan W. Evans and published by John Wiley & Sons. This book was released on 2008-04-30 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book draws together the economic literature relating to the supply of land for development. The standard view appears to be that the owners of land have no interest other than to allow their land to be used for the activity which would yield the highest income. But in reality this is not so and the book's aim is to demonstrate this, to set out the reasons and to show the economic effects of the fact that landowners have other motives. The book covers the supply of land for urban development and shows how land has characteristics which differentiate it from other factors of production which will also affect its supply for some uses, e.g. land is fixed in location and its price and value are inseparable from where it is. New light is cast on the market for land (by concentrating on the supply side), and on land use planning (by taking an economic viewpoint).
Book Synopsis Essays on the Economics of Land Use Regulation by : Jiayin Lai
Download or read book Essays on the Economics of Land Use Regulation written by Jiayin Lai and published by . This book was released on 2009 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three papers on land use economics and regulation. The first paper reviews numerous past literatures on how land-use regulation, agricultural subsidies, and use-value assessment method affect land values. The second paper uses a theoretical model to analyze how imposing minimum-lot-size zoning and different designs of minimum-lot-size zoning policies affects land value. The third papers use land data from Oregon to investigate the price effect of minimum-lot-size zoning and potential impact of Measure 37 and 49. The first essay reviews an extensive collection of literature from most major applied economics journals in recent years. These past studies attempted to investigate the impacts of various land use policies, including minimum-lot-size zoning, open space protection, wetland conservation, etc. These studies demonstrate how land use policies might affect residents' land consumption, social welfare, land markets, local government finance, and urban development patterns. Various econometric and mathematical models have been used to overcome problems related to modeling and data, such as spatial correlation. The objective of the second essay is to investigate the effect of the minimum-lot-size zoning on land values versus the value of individual exemptions from the regulations. The study first assumes all residents live in a monocentric city and have the same income constraints, and then assumes that there are two income groups living in the monocentric city. Minimum-lot-size zoning is applied to the periphery of the city. As stated in the study by Jaeger and Plantinga (special report, June 2007), distinguishing between two concepts - the change in property value due to regulation and the value to a landowner of an individual exemption to a regulation - is important to estimate the potential impact of Measure 37 and 49. Therefore, this study will explore both cases: 1) the removal of minimum-lot-size zoning from all parcels, and 2) having a single parcel exempted from zoning. Both open-city and closed-city scenarios will be considered. The comparative statics will show how the zoning policy influences urban land values. In addition, a simulation will help to demonstrate the impact of policy changes. The third essay uses the two-stage hedonic model to estimate the demand for lot size. The first stage estimation allows us to estimate the marginal impact of zoning policies, while the second stage estimation is used to investigate how land values are affected by the non-marginal change in zoning policies, such as the elimination of zoning or changes related to Measure 37. In the first stage estimation, the zoning policy is assumed to have two conflicting impacts on the land value; the regulation reduces development opportunities while it also may provide more environmental benefits. In the empirical model, four Oregon counties are considered as separate land markets, and the distribution of consumers' tastes are assumed to be the same across the counties. This provides a tool for solving the identification problem in the second stage estimation.
Book Synopsis Property Rights, Planning and Markets by : Christopher J. Webster
Download or read book Property Rights, Planning and Markets written by Christopher J. Webster and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: ''This is an important book. The authors in effect offer a positive theory of planning and urbanisation. As such, Webster and Lai''s model, based on institutional economics, is a vast improvement on some equally ambitious predecessors. The book''s insights and clarity make it a must reading for anyone seeking better understanding of how cities evolve as they do, and why planning is an integral part of their evolution.'' - Ernest Alexander, University of Wisconsin, Milwaukee, US ''A truly remarkable achievement.'' - Mark Pennington, University of London, UK ''Chris Webster and Lawrence Lai have created a coherent and insightful integration of concepts such as property rights, organizations, competition, incentives, transaction costs, public goods, and externalities, which will help theorists and urban practitioners analyze and manage city goods and services. An important insight of the authors is the recognition of the interdependencies of people in a neighborhood, which can be efficiently handled with shares in the property value of the neighborhood. There is a constant question of how much markets and how much government should be involved in urban matters, and the authors provide a reasoned, balanced approach which recognizes the vital role of government while appreciating the effectiveness of markets and decentralized decision making, including private institutions or" clubs" such as homeowners'' associations. Their position that governments and markets co-evolve and complement one another is sound, and their conclusions regarding the need to provide clear property rights and efficient rules provide us with theoretical tools to better understand how cities can be improved while being wary of the "allure of utopia".'' - Fred Foldvary, Santa Clara University, California, US ''This is a really important contribution to the planning literature. Beautifully written and clearly structured, it explains the complex relationship between" planning" and "markets" using the economic perspective of transaction cost theory and the" new-institutionalism". This provides a robust way of addressing the old "economic and planning" agenda, which the authors illustrate with references to cases and situations from across the world. Informative and stimulating, this should be included in every planning theory course, and will be helpful to all trying to re-think old debates about planning and markets.'' - Patsy Healey, Newcastle University, UK ''Professors Webster and Lai have written a masterly work that applies the principles of Hayek and of institutional economics to understanding cities. This is a refreshing and more convincing alternative to the standard politically correct views.'' - Harry W. Richardson, University of Southern California, US ''Property Rights, Planning and Markets covers an original and intriguing issue, viz. the existence and development of cities at the interface of market forces and planned or controlled policies ...the book offers new horizons and contains refreshing reading material.'' - Peter Nijkamp, Free University, Amsterdam, The Netherlands This book represents a major innovation in the institutional analysis of cities and their planning, management and governance. Using concepts of transaction costs and property rights, the work shows systematically how urban order evolves as individuals co-operate in cities for mutual gain. Five kinds of urban order are examined, arising as co-operating individuals seek to reduce the costs of transacting with each other. These are organisational order (combinations of property rights), institutional order (rules and sanctions), proprietary order (fragmentation of property rights), spatial order and public domain order. Property Rights, Planning and Markets also offers an institutional interpretation of urban planning and management that challenges both the view that planning inevitably conflicts with freedom of contract and the view that its function is a means of correcting market failures. Real life examples from countries and regions around the world are used to illustrate the universal relevance of theoretical generalisations, which will be welcomed by a new generation of policymakers and students who take on a world view that goes beyond national boundaries.
Book Synopsis Analysis of Urban Land Markets and the Impact of Land Market Regulation by : Paul C. Cheshire
Download or read book Analysis of Urban Land Markets and the Impact of Land Market Regulation written by Paul C. Cheshire and published by . This book was released on 2004 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Land Institutions and Land Markets by : Klaus W. Deininger
Download or read book Land Institutions and Land Markets written by Klaus W. Deininger and published by World Bank Publications. This book was released on 1998 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1998 Secure property rights to land and well-functioning land rental and sales markets are essential for creating investment incentives, improving the allocation of land, and developing financial markets. Yet regulatory restrictions on land rental and sales and regulatory frameworks providing inadequate tenure security are common. This paper looks at the impact of imperfections in other factor markets and the costs and benefits of government intervention to improve the security of property rights and the functioning of land markets and draws conclusions about land policy issues. In agrarian societies land serves as the main means not only for generating a livelihood but often also for accumulating wealth and transferring it between generations. How land rights are assigned therefore determines households' ability to generate subsistence and income, their social and economic status (and in many cases their collective identity), their incentive to exert nonobservable effort and make investments, and often their ability to access financial markets or to make arrangements for smoothing consumption and income. With imperfections in other markets, the institutions governing the allocation of land rights and the functioning of land markets will have implications for overall efficiency as well as equity. The authors examine how property rights in land evolve from a situation of land abundance. They discuss factors affecting the costs and benefits of individual land rights and highlight the implications of tenure security for investment incentives. They also review factors affecting participation in land sales and rental markets, particularly the characteristics of the agricultural production process, labor supervision cost, credit access, the risk characteristics of an individual's asset portfolio, and the transaction costs associated with market participation. These factors will affect land sales and rental markets differently. Removing obstacles to the smooth functioning of land rental markets and taking measures to enhance potential tenants' endowments and bargaining power can significantly increase both the welfare of the poor and the overall efficiency of resource allocation. Drawing on their conceptual discussion, the authors draw policy conclusions about the transition from communal to individual and more formal land rights, steps that might be taken to improve the functioning of land sales and rental markets, and the scope for redistributive land reform. This paper--a product of Rural Development, Development Research Group--was prepared as background for the forthcoming Handbook on Agricultural Economics. The authors may be contacted at [email protected] or [email protected].
