Land Investment, Planning Permission, and Uncertainty: A State-Preference Analysis
- 1 February 1986
- journal article
- research article
- Published by SAGE Publications in Environment and Planning A: Economy and Space
- Vol. 18 (2) , 207-215
- https://doi.org/10.1068/a180207
Abstract
The statutory planning system renders land a state-contingent resource; in addition, investment in land is likely to take place within a portfolio context. With this background, land investment is analysed specifically as a function of portfolio size, the riskless rate of return, the degree of risk aversity, the probability of planning permission, and the rates of development gain, nondevelopment loss, planning gain, and cost.Keywords
This publication has 2 references indexed in Scilit:
- Planning Gain: A Theoretical NoteUrban Studies, 1984
- INTERTEMPORAL UTILITY AND CONSUMPTION 1Oxford Economic Papers, 1967