Mixed Uses and the Redevelopment Option
研究了混合用途和再开发灵活性如何影响房地产价值，发现当不同用途收益相关性低或再开发成本低时，这种灵活性显著提升价值，并影响初始开发时机和开发边界形状。
This paper considers how the potential for mixing uses and redevelopment impact property value. Operating flexibility of this type is found to significantly increase property value when the correlation between payouts from different property types is low or when redevelopment costs are low. The ability to mix uses and redevelop over time is also shown to affect the timing of initial land development. The shape of the development boundary is shown to differ considerably depending on whether marginal revenue is constant or decreasing to scale. Both policy and empirical implications concerning the effects of multiple‐use zoning are discussed.