The Asset Approach to Pricing Urban Land: Empirical Evidence
使用长期均衡的城市资产模型解释大都市间房价差异，实证结果支持用资产方法评估城市土地价值。
Many papers have attempted to explain Intelmetropolitan variations in the price of housing using multi‐equation models of the metropolitan housing market. This paper uses a long‐run equilibrium urban asset model to explain such variations. The model builds upon previous models that introduce uncertainty into the dynamic urban model of land conversion. The empirical results strongly support the asset approach to valuing land in urban areas.