SPACE AND TIME: A COMPETING RISKS ANALYSIS OF THE IMPACT OF PROPERTY TAXES AND ZONING RESTRICTIONS ON RESIDENTIAL DEVELOPMENT

Douglas H. Wrenn; H. Allen Klaiber

doi:10.1111/iere.12380

SPACE AND TIME: A COMPETING RISKS ANALYSIS OF THE IMPACT OF PROPERTY TAXES AND ZONING RESTRICTIONS ON RESIDENTIAL DEVELOPMENT

Douglas H. Wrenn, H. Allen Klaiber

Research output: Contribution to journal › Article › peer-review

2 Scopus citations

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.

Original language	English (US)
Pages (from-to)	1097-1130
Number of pages	34
Journal	International Economic Review
Volume	60
Issue number	3
DOIs	https://doi.org/10.1111/iere.12380
State	Published - 2019

All Science Journal Classification (ASJC) codes

Economics and Econometrics

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1111/iere.12380

Cite this

@article{9e2fb8234bf74cce960facaa118fc140,

title = "SPACE AND TIME: A COMPETING RISKS ANALYSIS OF THE IMPACT OF PROPERTY TAXES AND ZONING RESTRICTIONS ON RESIDENTIAL DEVELOPMENT",

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.",

author = "Wrenn, {Douglas H.} and Klaiber, {H. Allen}",

note = "Publisher Copyright: {\textcopyright} (2019) by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association",

year = "2019",

doi = "10.1111/iere.12380",

language = "English (US)",

volume = "60",

pages = "1097--1130",

journal = "International Economic Review",

issn = "0020-6598",

publisher = "Wiley-Blackwell",

number = "3",

}

TY - JOUR

T1 - SPACE AND TIME

T2 - A COMPETING RISKS ANALYSIS OF THE IMPACT OF PROPERTY TAXES AND ZONING RESTRICTIONS ON RESIDENTIAL DEVELOPMENT

AU - Wrenn, Douglas H.

AU - Klaiber, H. Allen

N1 - Publisher Copyright: © (2019) by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association

PY - 2019

Y1 - 2019

N2 - 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.

AB - 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.

UR - http://www.scopus.com/inward/record.url?scp=85062364427&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=85062364427&partnerID=8YFLogxK

U2 - 10.1111/iere.12380

DO - 10.1111/iere.12380

M3 - Article

AN - SCOPUS:85062364427

SN - 0020-6598

VL - 60

SP - 1097

EP - 1130

JO - International Economic Review

JF - International Economic Review

IS - 3

ER -

SPACE AND TIME: A COMPETING RISKS ANALYSIS OF THE IMPACT OF PROPERTY TAXES AND ZONING RESTRICTIONS ON RESIDENTIAL DEVELOPMENT

Abstract

All Science Journal Classification (ASJC) codes

UN SDGs

Access to Document

Other files and links

Fingerprint

Cite this