This article investigates how density ceiling controls in a monocentric city with a stochastic population affect housing prices and the location of the city boundary. We employ a real options model in which each landowner owns one unit parcel of land and chooses the timing and the level of...

This paper investigates how a development moratorium affects choices of development timing and land values in a framework where both the value of developed property evolves stochastically and the development costs are fully irreversible. We assume that a regulator initially announces that land...