The Economics of Development: Integrating Land Economics and Portfolio Analysis
This study integrates situs theory as defined by Andrews (1971) into comparative investment analysis, approaching a single use development from the perspective of modern investment theory and a potential mixed use development on the same site as a portfolio of uses generating portfolio risk and return trade-offs. The theoretical integration of situs theory, rent theory and portfolio/investment economics is tested against a statistically significant number of development proposal case studies, conducted during distinct economic phases (over time).