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Time Is Of The Essence? An Empirical Application Of The Corollary Of The Coase Theorem

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  • Lawrence W.C. Lai
  • S.K. Wong
  • Eric C.K. Ho
  • K.W. Chau

Abstract

Applying the corollary of the Coase Theorem to the development market developed in Lai et al. (2007a), we evaluate the proposition that procedural steps to use resources are not contingent on property rights assignment, unless the associated transaction costs are positive or property rights are ambiguous. Using aggregate statistics regarding planning applications for residential use, property prices, construction costs, share prices, interest rates, and application success rates in Hong Kong from 1985 to 2005, we evaluated, using regression techniques, the null hypothesis that there was no change in the relationship between readiness for submission of planning applications and property prices in response to changes in the time limits imposed on planning permissions. The relationship was more pronounced or strengthened (less obvious or weakened) when time limits were first imposed and shorter (longer). This can be explained in terms of the transaction costs of switching resource allocation according to the time limit.

Suggested Citation

  • Lawrence W.C. Lai & S.K. Wong & Eric C.K. Ho & K.W. Chau, 2008. "Time Is Of The Essence? An Empirical Application Of The Corollary Of The Coase Theorem," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 20(1), pages 34-51, March.
    • Handle: RePEc:bla:revurb:v:20:y:2008:i:1:p:34-51
    DOI: 10.1111/j.1467-940X.2008.00134.x
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    Cited by:

    1. Lai, Lawrence W.C. & Ho, Daniel C.W. & Chau, K.W. & Yu, Esther Y.T. & Lam, Cindy L.K. & Leung, Nixon T.H. & Davies, Stephen N.G., 2021. "Property rights & the perceived health contribution of public open space in Hong Kong," Land Use Policy, Elsevier, vol. 107(C).
    2. Lawrence W. C. Lai & Frank T. Lorne, 2019. "Sustainable Urban Renewal and Built Heritage Conservation in a Global Real Estate Revolution," Sustainability, MDPI, vol. 11(3), pages 1-12, February.
    3. Ping Yung, 2011. "Contractual Enforcement of Planning Conditions: A Hong Kong Case Study," Environment and Planning B, , vol. 38(1), pages 163-174, February.
    4. KW Chau & Lawrence WC Lai & Mark H Chua, 2022. "Post-colonial conservation of colonial built heritage in Hong Kong: A statistical analysis of historic building grading," Environment and Planning B, , vol. 49(2), pages 671-686, February.
    5. Kwong, Jason W.Y. & Lai, Lawrence W.C. & Chau, K.W. & Chan, Vincent N.H., 2021. "A race between urban growth and regulation: An empirical case study on the layout plan," Land Use Policy, Elsevier, vol. 101(C).
    6. Lawrence Wai Chung Lai & Kelvin Siu Kei Wong & Kwong Wing Chau, 2011. "Are Engineering Reasons Zoning Neutral? An Empirical Inquiry into Development Proposals in Green Belt and Agriculture Zones," Environment and Planning B, , vol. 38(2), pages 322-337, April.

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