Residential Development, Risk, and Land Prices
研究了住宅开发顺序与土地价格的关系，发现首批购房者因面临更大风险而获得土地价格折扣，后续购房者因信息更多而支付更高价格。
This paper examines the relationship between the residential development sequence and land price. Inherent in the dynamics of residential development is that the first consumers face the greatest risk since they do not know with certainty what the neighborhood characteristics will be; subsequent consumers have more information. The model predicts that land prices will rise over time relative to the market; developers offer the first consumers discounted land prices to compensate them for the first‐mover disadvantage. The empirical evidence indicates that this is indeed the case.