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An optimal stopping approach to land development under uncertainty

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  • Amitrajeet A. Batabyal

    (Department of Economics, Utah State University, 3530 Old Main Hill, Logan, UT 84322-3530, USA)

Abstract

The Arrow-Fisher-Henry (AFH) analysis of land development under uncertainty has been conducted in a two period model. Recently, Capozza and Helsley (1990) and Batabyal (1996, 1997) have addressed the question of land development under uncertainty in a multi-period setting. We extend aspects of this literature by analyzing the multi-period land development question in an optimal stopping framework. In particular, we characterize the optimal decision rule governing the development of land, given that the objective of a landowner is to maximize the total revenue from development.

Suggested Citation

  • Amitrajeet A. Batabyal, 2000. "An optimal stopping approach to land development under uncertainty," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 34(1), pages 147-156.
    • Handle: RePEc:spr:anresc:v:34:y:2000:i:1:p:147-156
    Note: Received: February 1998/Accepted: October 1998
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    Cited by:

    1. Batabyal, Amitrajeet A. & Yoo, Seung Jick, 2004. "Indivisibility And Divisibility In Land Development Decisions Over Time And Under Uncertainty," 2004 Annual meeting, August 1-4, Denver, CO 20278, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Yong Liu & Yajuan Yu & Huaicheng Guo & Pingjian Yang, 2009. "Optimal Land-Use Management for Surface Source Water Protection Under Uncertainty: A Case Study of Songhuaba Watershed (Southwestern China)," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 23(10), pages 2069-2083, August.
    3. Batabyal, Amitrajeet A., 1999. "On some aspects of land development when the decision to develop is divisible," Resources Policy, Elsevier, vol. 25(3), pages 173-177, September.

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