The Timing of Land Development: An Invariance Result
在马尔可夫决策框架下分析土地开发时机问题，发现土地所有者使用开发后果信息的方式不影响开发时机的选择。
Abstract The Arrow‐Fisher‐Henry (AFH) analysis of land development under uncertainty has been conducted in a two‐period model. Recently, Capozza and Helsley (1990) and Batabyal (1995) have addressed the question of land development under uncertainty in a many‐period setting. In this paper, aspects of this literature are extended by analyzing the land development question in a Markov decision theoretic framework. Inter alia , it is shown that the timing of land development is invariant to the manner in which a landowner uses information about the consequences of development.