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作者

来源

REGIONAL SCIENCE AND URBAN ECONOMICS,Vol.66,P.213-223

语言

英文

关键字

Land market; Residential land use; Urban sprawl; Auction; Housing markets; Thin market; OPEN SPACE; LAND; SPRAWL; CITY; EXTERNALITIES; SPECULATION; PATTERNS; GROWTH

作者单位

[Chen, Yong] Oregon State Univ, Dept Appl Econ, 219B Ballard Extens Hall, Corvallis, OR 97331 USA. [Irwin, Elena G.] Ohio State Univ, Dept Agr Environm & Dev Econ, 316 Agr Adm Bldg,2120 Fyffe Rd, Columbus, OH 43210 USA. [Jayaprakash, Ciriyam] Ohio State Univ, Dept Phys, 191 West Woodruff Ave, Columbus, OH 43210 USA. [Irwin, Nicholas B.] Ohio State Univ, Dept Agr Environm & Dev Econ, 331 Agr Adm Bldg,2120 Fyffe Rd, Columbus, OH 43210 USA. Chen, Y (reprint author), Oregon State Univ, Dept Appl Econ, 219B Ballard Extens Hall, Corvallis, OR 97331 USA. E-Mail: yong.chen@oregonstate.edu; irwin.78@osu.edu; jay@physics.osu.edu; irwin.114@osu.edu

摘要

This paper investigates the conditions under which thin residential land markets generate an incentive for leapfrog development. We provide empirical evidence that suggests the presence of thinly traded land market in exurban areas. We develop a spatial model of an exurban land market that incorporates this key feature and show the conditions under which leapfrog development emerges. Specifically, given increasing market thinness with distance and a limited number of heterogeneous buyers, higher income households are able to bid down land prices at farther away locations. This creates an incentive for leapfrog development and leads to a positive income gradient, which we also confirm empirically.