Land Ownership Risk and Urban Development
研究了土地所有权风险（如产权错误、欺诈、边界侵占等）如何通过诉讼时效限制加速土地开发，并影响城市土地市场中的开发密度和区位选择。
Under certainty, unlimited duration of private ownership of land provides landowners with efficient development incentives. However, in cases of ownership risk arising from title mistakes, fraud, boundary encroachment, or adverse possession, the statute of limitations sets a limit on how long agents have to establish or defend an ownership claim. This paper demonstrates that such restrictions speed the pace of land development and systematically affect the development density according to site location in the urban land market. It also offers an explanation of why land owners prefer a time limit on the ability to defend their ownership. It shows that the value–maximizing statute varies across sites in the spatial market.