Colwell, Peter F; Sirmans, C F - In: The Review of Economics and Statistics 75 (1993) 4, pp. 783-86
This paper revisits the relationship between land value and parcel size. The authors demonstrate that, using a simple arbitrage equilibrium argument, the value-size relationship is convex (concave) whenever land assembly (subdivision) is possible. They also explore further the impact of zoning...