The Asset Approach to Pricing Urban Land: Empirical Evidence |
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| Authors: | Karl E. Case |
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| Affiliation: | School of Business Administration, The University of Michigan, Ann Arbor, Michigan 48109-1234.;Faculty of Commerce and Business Administration, University of British Columbia, 2053 Main Mall, Vancouver, British Columbia, V6T 1Y8 Canada. |
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| Abstract: | Many papers have attempted to explain Intelmetropolitan variations in the price of housing using multi-equation models of the metropolitan housing market. This paper uses a long-run equilibrium urban asset model to explain such variations. The model builds upon previous models that introduce uncertainty into the dynamic urban model of land conversion. The empirical results strongly support the asset approach to valuing land in urban areas. |
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