Land rents and transport improvements: Some urban parables |
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Authors: | Herbert Mohring |
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Institution: | (1) Department of Economics, University of Minnesota, 271 19th Avenue South, 55455 Minneapolis, MN, USA |
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Abstract: | Define a transportation improvement's impact zone as the area within which resident households and business firms regularly utilize the improvement. Three simple parables suggest that the increases in impact-zone land rents that usually accompany improvements do not accurately reflect its benefits. Seemingly modest variations in the demand and supply relationships that characterize impact-zone residents can have major effects on the relationship between benefits received and the land-rent changes that are measured. Generally speaking, increases in impact-zone land rents substantially understate benefits unless these benefits are small either absolutely (because the improvement is modest) or relatively (because the impact zone is part of a homogeneous area of much larger size). |
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Keywords: | benefit/cost land rents transport improvement benefits |
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