We use unique store-specific data for a major UK supermarket chain to estimate the impact of planning, which restricts both the size and location of stores, on store output. Using the quasi-natural experiment of the variation in planning policies between England and other UK countries and a difference-in-difference approach, we isolate the impact of Town Centre First (TCF) policies. We find tha...

Reverse share tenancy, wherein poorer landlords rent out land to richer tenants on shares, is a common phenomenon. Yet it does not fit existing theoretical models of sharecropping and has never before been modeled in the economics literature. We explain share tenancy contracts using an asset risk model that incorporates Marshallian inefficiency and thereby provides a credible explanation for sh...

The U.S. economic development in the nineteenth century is characterized by the westward movement of population and the accumulation of productive land in the West. What are the quantitatively important forces driving this phenomena? This paper presents a model of migration and land improvement, to address this question. Counterfactual experiments reveals that two forces are key in accounting f...

doi 10.7764/LAJE.50.2.163 * This lecture was delivered at the 2013 Finance UC Conference in Santiago, Chile. Hay Jin Kim provided valuable assistance. ** California Chair in Real Estate and Land Economics Professor of Finance, Anderson School of Management, University of California, Los Angeles. Email: [email protected]. The Real OpTiOns appROach TO ValuaTiOn: challenges and Op...