Tall Buildings and Land Values: Height and Construction Cost Elasticities in Chicago, 1870–2010
Gabriel Ahlfeldt and
Daniel McMillen ()
The Review of Economics and Statistics, 2018, vol. 100, issue 5, 861-875
Abstract:
Abstract Despite unprecedented vertical growth in large cities, the economics of skyscrapers remain understudied. We combine data on tall buildings with a panel of land prices covering 140 years to analyze the determinants of urban heights. We provide estimates of the land price elasticity of height, the height elasticity of construction cost, and the elasticity of substitution between land and capital for tall buildings. The land price elasticity of height increased substantially over time, and it is larger for commercial than for residential buildings, which suggests that the supply side helps to produce the typical segregation of urban land uses.
Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (49)
Downloads: (external link)
http://www.mitpressjournals.org/doi/pdf/10.1162/rest_a_00734 (application/pdf)
Access to PDF is restricted to subscribers.
Related works:
Working Paper: Tall buildings and land values: height and construction cost elasticities in Chicago, 1870 – 2010 (2018) 
Working Paper: Tall Building and Land Values: Height and Construction Cost Elasticities in Chicago, 1870 - 2010 (2017) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:tpr:restat:v:100:y:2018:i:5:p:861-875
Ordering information: This journal article can be ordered from
https://mitpressjour ... rnal/?issn=0034-6535
Access Statistics for this article
The Review of Economics and Statistics is currently edited by Pierre Azoulay, Olivier Coibion, Will Dobbie, Raymond Fisman, Benjamin R. Handel, Brian A. Jacob, Kareen Rozen, Xiaoxia Shi, Tavneet Suri and Yi Xu
More articles in The Review of Economics and Statistics from MIT Press
Bibliographic data for series maintained by The MIT Press ().