The Asset Approach to Pricing Urban Land: Empirical Evidence

Dennis Capozza and Gregory M. Schwann

Real Estate Economics, 1989, vol. 17, issue 2, 161-174

Abstract: Many papers have attempted to explain Intelmetropolitan variations in the price of housing using multi‐equation models of the metropolitan housing market. This paper uses a long‐run equilibrium urban asset model to explain such variations. The model builds upon previous models that introduce uncertainty into the dynamic urban model of land conversion. The empirical results strongly support the asset approach to valuing land in urban areas.

Date: 1989
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