A Group Utility Maximizer Mechanism for Land Assembly

2012 ◽  
Vol 47 (3) ◽  
pp. 466-488 ◽  
Author(s):  
Usha Sridhar ◽  
Sridhar Mandyam
Keyword(s):  
Utility Maximizer ◽  
Land Assembly

The land assembly problem revisited

2004 ◽  
Vol 34 (2) ◽  
pp. 155-162 ◽  
Author(s):  
Flavio Menezes ◽  
Rohan Pitchford
Keyword(s):  
Assembly Problem ◽  
Land Assembly

OPTIMAL PORTFOLIO UNDER STATE-DEPENDENT EXPECTED UTILITY

2018 ◽  
Vol 21 (03) ◽  
pp. 1850013 ◽  
Author(s):  
CAROLE BERNARD ◽  
STEVEN VANDUFFEL ◽  
JIANG YE
Keyword(s):  
Portfolio Choice ◽  
Expected Utility ◽  
Loss Aversion ◽  
Reference Point ◽  
Joint Distribution ◽  
Optimal Portfolio ◽  
Characterization Result ◽  
Terminal Wealth ◽  
Utility Maximizer ◽  
State Dependent

We derive the optimal portfolio for an expected utility maximizer whose utility does not only depend on terminal wealth but also on some random benchmark (state-dependent utility). We then apply this result to obtain the optimal portfolio of a loss-averse investor with a random reference point (extending a result of Berkelaar et al. (2004) Optimal portfolio choice under loss aversion, The Review of Economics and Statistics 86 (4), 973–987). Clearly, the optimal portfolio has some joint distribution with the benchmark and we show that it is the cheapest possible in having this distribution. This characterization result allows us to infer the state-dependent utility function that explains the demand for a given (joint) distribution.

Can buyer “mobility” reduce aggregation failures in land-assembly?

2016 ◽  
Vol 95 ◽  
pp. 16-30 ◽  
Author(s):  
R. Mark Isaac ◽  
Carl Kitchens ◽  
Javier E. Portillo
Keyword(s):  
Land Assembly

scholarly journals From Today's City to Tomorrow's City: An Empirical Investigation of Urban Land Assembly

2016 ◽  
Vol 8 (3) ◽  
pp. 69-105 ◽  
Author(s):  
Leah Brooks ◽  
Byron Lutz
Keyword(s):  
Los Angeles ◽  
Empirical Investigation ◽  
Land Ownership ◽  
Urban Land ◽  
Market Frictions ◽  
Land Assembly

Because cities are constrained by the boundaries of land ownership, fundamental urban modifications require land delineation changes. We evaluate whether there is enough land assembly—the joining together of two or more parcels of land—to put land to its highest value use. We hypothesize that in the absence of market frictions such as holdouts, the price of land sold for assembly should not exceed the price of land sold for other uses. Empirically, we find that to-be-assembled land in Los Angeles trades at a 15 to 40 percent premium and conclude that significant frictions prevent assembly. (JEL K11, P14, Q21, R14, R30, R52, R58)

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