In a previous paper we demonstrated that spatial variation in characteristic time, defined as the time between acquisition of property rights and the realization of returns, can lead to leapfrogging and scattered development, especially during periods that interest rates are low or negligible....

In a recent paper Czamanski and Roth (2011) demonstrated that because the profitability of construction projects is influenced by variations in the time incidence of costs and revenues, despite of declining willingness-to-pay and land gradients with distance from central business districts,...