Abstract
Simultaneous equations models with selectivity are estimated by maximum likehood procedures for four land uses. Zoning is a function of lagged land use and relative land values, and values are a function of land tract characteristics. Land value estimates are constructed for all tracts and uses, and are used as explanatory variables in two-limit Tobit models of zoning. Only for single-family residential land does zoning respond to incremental changes in relative land values. The study provides new evidence that zoning matters, and that single-family homes are a preferred land use.
Original language | English (US) |
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Pages (from-to) | 55-72 |
Number of pages | 18 |
Journal | Regional Science and Urban Economics |
Volume | 21 |
Issue number | 1 |
DOIs | |
State | Published - May 1991 |
Externally published | Yes |
ASJC Scopus subject areas
- Economics and Econometrics
- Urban Studies