The Timing of Land Development: An Invariance Result
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 (1995) have addressed the question of land development under uncertainty in a many-period setting. In this paper, aspects of this literature are extended by analyzing the land development question in a Markov decision theoretic framework. Inter alia, it is shown that the timing of land development is invariant to the manner in which a landowner uses information about the consequences of development. Copyright 1996, Oxford University Press.
Year of publication: |
1996
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Authors: | Batabyal, Amitrajeet A. |
Published in: |
American Journal of Agricultural Economics. - Agricultural and Applied Economics Association - AAEA. - Vol. 78.1996, 4, p. 1092-1097
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Publisher: |
Agricultural and Applied Economics Association - AAEA |
Saved in:
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