A dual land market is one in which the government owns a significant portion of developable land while real estate development is done primarily by the private sector. This paper examines Singapore's experience with its system of government land supply in a dual market, focusing on its response...

Option theory offers a useful way of modeling land value under uncertainty. While this approach underlies much theoretical analysis, the unanswered question is, to what extent does the market value of land reflect this option value? This paper exploits a unique natural experiment to obtain the...

This paper reexamines the popular assumption that real estate commissions are fixed over time. It shows how the competitively determined commission rate responds to changes in the housing market and broker cost conditions. One testable implication is that competition promotes counter-cyclical...

The residential development sequence - land price relationship is the focus of this paper. Inherent in the dynamics of residential development is that the first consumers face the greatest risk since they do not know with certainty how the neighborhood development will evolve over time;...

This paper provides new evidence of sales sequence-real estate price relations in a setting in which consumption risk and completion risk are both minimized and where agglomeration economics do not pertain. The results illustrate that the monotonic declining price "afternoon effect" or rising...

This article examines the usefulness of listing prices as leading indicators of house values and as predictors of the direction of housing markets. With Multiple Listing Service data from a large metropolitan area, we create two price indexes, using first listing price and then selling price as...

Under certainty, unlimited duration of private ownership of land provides landowners with efficient development incentives. However, in cases of ownership risk arising from title mistakes, fraud, boundary encroachment, or adverse possession, the statute of limitations sets a limit on how long...

This paper examines the effects of quantity restrictions on residential property prices in the presence of neighborhood externalities. A Brigham Young University policy limiting students' location choices provides a natural experiment for studying the externality and quantity restriction effects...