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How Does a Development Moratorium Affect Development Timing Choices and Land Values?

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  • Jyh-Bang Jou
  • Tan (Charlene) Lee

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  • Jyh-Bang Jou & Tan (Charlene) Lee, 2009. "How Does a Development Moratorium Affect Development Timing Choices and Land Values?," The Journal of Real Estate Finance and Economics, Springer, vol. 39(3), pages 301-315, October.
    • Handle: RePEc:kap:jrefec:v:39:y:2009:i:3:p:301-315
    DOI: 10.1007/s11146-009-9184-0
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    References listed on IDEAS

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    1. Geoffrey K. Turnbull, 2002. "Land Development under the Threat of Taking," Southern Economic Journal, John Wiley & Sons, vol. 69(2), pages 290-308, October.
    2. Lee, Tan & Jou, Jyh-Bang, 2007. "The regulation of optimal development density," Journal of Housing Economics, Elsevier, vol. 16(1), pages 21-36, March.
    3. Childs, Paul D. & Ott, Steven H. & Triantis, Alexander J., 1998. "Capital Budgeting for Interrelated Projects: A Real Options Approach," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 33(3), pages 305-334, September.
    4. Bar-Ilan, Avner & Strange, William C., 1998. "A model of sequential investment," Journal of Economic Dynamics and Control, Elsevier, vol. 22(3), pages 437-463, March.
    5. Geoffrey Turnbull, 2005. "The Investment Incentive Effects of Land Use Regulations," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 357-395, December.
    6. Steven R. Grenadier, 2005. "An Equilibrium Analysis of Real Estate Leases," The Journal of Business, University of Chicago Press, vol. 78(4), pages 1173-1214, July.
    7. Jan K. Brueckner, 1990. "Growth Controls and Land Values in an Open City," Land Economics, University of Wisconsin Press, vol. 66(3), pages 237-248.
    8. Mayo, Stephen & Sheppard, Stephen, 2001. "Housing Supply and the Effects of Stochastic Development Control," Journal of Housing Economics, Elsevier, vol. 10(2), pages 109-128, June.
    9. Cox, John C. & Ross, Stephen A., 1976. "The valuation of options for alternative stochastic processes," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 145-166.
    10. Turnbull, Geoffrey K., 2004. "Development moratoria," Journal of Housing Economics, Elsevier, vol. 13(3), pages 155-169, September.
    11. Barone-Adesi, Giovanni & Whaley, Robert E, 1987. "Efficient Analytic Approximation of American Option Values," Journal of Finance, American Finance Association, vol. 42(2), pages 301-320, June.
    12. Robert McDonald & Daniel Siegel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(4), pages 707-727.
    13. Dean Paxson, 2007. "Sequential American Exchange Property Options," The Journal of Real Estate Finance and Economics, Springer, vol. 34(1), pages 135-157, January.
    14. Grenadier, Steven R, 1996. "The Strategic Exercise of Options: Development Cascades and Overbuilding in Real Estate Markets," Journal of Finance, American Finance Association, vol. 51(5), pages 1653-1679, December.
    15. Kenneth T. Rosen & Lawrence F. Katz, 1981. "Growth Management and Land use Controls: The San Francisco Bay Area Experience," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 9(4), pages 321-344, December.
    16. Geoffrey Turnbull, 2005. "Introduction: The Dynamic Perspective in Urban Land Use Policy," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 351-355, December.
    17. Turnbull, Geoffrey K., 1991. "A comparative dynamic analysis of zoning in a growing city," Journal of Urban Economics, Elsevier, vol. 29(2), pages 235-248, March.
    18. Jyh-Bang Jou & Tan Lee, 2007. "Do Tighter Restrictions on Density Retard Development?," The Journal of Real Estate Finance and Economics, Springer, vol. 34(2), pages 225-232, February.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Jaroslav Schönfeld & Michal Kuděj & Luboš Smrčka, 2019. "Finanční charakteristiky podniků před vyhlášením moratoria [Financial Characteristics of Pre-Moratorium Companies]," Politická ekonomie, Prague University of Economics and Business, vol. 2019(5), pages 490-510.
    2. Jou, Jyh-Bang, 2012. "Efficient growth boundaries in the presence of population externalities and stochastic rents," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(4), pages 349-357.
    3. Jou, Jyh-Bang & Lee, Tan (Charlene), 2016. "How does statutory redemption affect a buyer's decision at the foreclosure sale?," International Review of Economics & Finance, Elsevier, vol. 45(C), pages 263-272.

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    More about this item

    Keywords

    American options; Development moratoria; Growth controls; Real options; G13; R52; R58;
    All these keywords.

    JEL classification:

    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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