Market Power and Land Development Timing
研究了房地产市场中市场势力对开发时机和效率的影响，挑战了传统经济学认为房地产市场是竞争性的观点。
noticed the trend in recent years toward larger development projects. As a careful observer of these markets, the Urban Land Institute notes that dramatic shifts in the scale and characteristics of real estate development projects have occurred. . . . Projects have become increasingly broad in scope, more complex, and involving much greater capital investment (Wilburn and Gladstone 1972, p. 9). Factors cited as contributing to the trend are public programs like urban renewal and Title VII new, community loan guarantees and grants, and new capital sources brought about through the corporatization of the development industry. An indisputable consequence of this trend is that development decisions devolve to a smaller number of agents. This challenges the traditional view of economists that real estate markets are competitive and raises some of the market power issues long associated with industrial markets. The purpose of this paper is to examine the consequences of market power in real estate markets on the timing and efficiency of development.