Speculation and Monopoly in Urban Development
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J.R. Markusen
and David T. Scheffman
About this book
This study evolves a model of the land development process which includes a new theory of land pricing giving special emphases to market structure, speculation, and taxation. It then applies the model to the first fully documented examination of the Toronto land market, presenting specific original data on ownership and land assembly.
Author / Editor information
J.R. MARKUSEN was a member of the Department of Economics at the Unviersity of Western Ontario.Scheffman David T. :
David T. Scheffman is the Managing Director of Berkeley Research Group. He is a scholar of economics and has over 12 years of experience in a number of senior positions at the U.S. Federal Trade Commission's Bureau of Economics.
Topics
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Frontmatter
I -
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Contents
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Acknowledgments
VII -
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1. A guide to the study
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2. Ownership concentration and market power in urban land markets
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3. The timing of land development
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4. The role of uncertainty and speculation in the land market
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5. An empirical investigation of land ownership in the Toronto region
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6. Land assembly in the Toronto region
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7. Implications for public policy
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APPENDIX A. Land and housing price data
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APPENDIX B. Ownership concentration and market power: the mathematical analysis
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APPENDIX C. Properties of the demand functions
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APPENDIX D. Derivation of the effects of the taxes
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APPENDIX E. Monopoly equilibrium: an example
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APPENDIX F. A model of the consumer-speculator
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Bibliography
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