This paper analyzes urban land development when landowners anticipate a future large-scale redevelopment by a third party developer. Landowners' initial development activities can deter such redevelopment because they impose two conversion costs on the redeveloper: demolition costs and...

This article analyzes socially optimal bank capital regulations that support fairly-priced deposit insurance. Under full information, banks voluntarily choose a socially optimal interior capital structure based on the cost-benefit tradeoff involved in monitoring loans. Capital regulations are,...