SPACE AND TIME: A COMPETING RISKS ANALYSIS OF THE IMPACT OF PROPERTY TAXES AND ZONING RESTRICTIONS ON RESIDENTIAL DEVELOPMENT
利用1994-2007年巴尔的摩都市区住宅细分开发数据，结合竞争风险模型，分析财产税和分区限制如何影响住宅开发的密度和时机，发现两者在利润函数中的替代或互补关系决定了政策效果。
Abstract Property taxes and zoning restrictions are prevalent tools for managing land use. We combine microlevel data on residential subdivision development from the Baltimore, Maryland, metro area from 1994 to 2007 with a competing risks model to examine how both policies influence the density and timing of residential development. Consistent with theory, we demonstrate that the impact of both policies on optimal density and timing depends on whether density and time are substitutes or complements in the profit function. Our results have important implications as they provide key empirical insights into how property taxes and zoning interact to influence development patterns.