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Biblioteca INDIVISIBILITY AND DIVISIBILITY IN LAND DEVELOPMENT DECISIONS OVER TIME AND UNDER UNCERTAINTY

INDIVISIBILITY AND DIVISIBILITY IN LAND DEVELOPMENT DECISIONS OVER TIME AND UNDER UNCERTAINTY

INDIVISIBILITY AND DIVISIBILITY IN LAND DEVELOPMENT DECISIONS OVER TIME AND UNDER UNCERTAINTY

Resource information

Date of publication
Dezembro 2004
Resource Language
ISBN / Resource ID
AGRIS:US2012203502

The quasi-option value (QOV) literature originated by Arrow and Fisher (1974) and by Henry (1974) is largely concerned with the analysis of two-period models of land development. Our paper extends this literature by analyzing two scenarios in which the decision to develop land is made in a multi-period and stochastic framework. In the first scenario, the development decision is indivisible. In contrast, in the second scenario, the development decision is divisible. Specifically, we study the properties of the indivisible development decision when there is a time constraint on when land is to be developed. We then analyze the ways in which the divisible land development decision depends on the extent of a landowner'’s landholding and on the number of development opportunities awaiting this landowner.

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Authors and Publishers

Author(s), editor(s), contributor(s)

Batabyal, Amitrajeet A.
Yoo, Seung Jick

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