Type of Credit: Elective
Credit(s)
Number of Students
Introduce students to a number of selected critical issues on land value and land taxation; from their primary concepts through empirical evidences to policy implications.
討論地價及地税理論的幾個重要觀念，並且說明目前的實證發現，以及引申的政策意涵。
能力項目說明
Introduce students to a number of selected critical issues on land value and land taxation; from their primary concepts through empirical evidences to policy implications.
討論地價及地税理論的幾個重要觀念，並且說明目前的實證發現，以及引申的政策意涵。
| 教學週次Course Week | 彈性補充教學週次Flexible Supplemental Instruction Week | 彈性補充教學類別Flexible Supplemental Instruction Type |
|---|---|---|
(打*星號者為博士班加讀教材)
History of Land Economics
Rodwin, Lloyd (1950) Land Economics in the United States. Town Planning Review. 21(2): 161-179.
Evans, Alan W. (2003) The Development of Urban Economics in the Twentieth Century. Regional Studies. 37(5): 521-529.
Malpezzi, Stephen (2014) The Wisconsin Program in Real Estate and Urban Land Economics: A Century of Tradition and Innovation. https://bus.wisc.edu/~/media/bus/knowledge-centers/graaskamp/wisconsin-tradition-in-real-estate-and-urban-land-economics-august-2014.pdf?la=en
Hodge, Ian (2013) A Brief History of Land Economy (University of Cambridge, UK) Cambridge University Land Society Magazine Summer 2013. https://www.culandsoc.com/wp-content/uploads/2015/11/CULS2013.pdf
*Ryan-Collins, Josh, Lloyd, Toby and Macfarlane, Laurie (2017) Rethinking the Economics of Land and Housing. London: ZED Books. Chapter 3. The Missing Factor: Land in Production and Distribution.
Land Value
1. Supply of Land- The Missing Side
Neutze, Max (1987) The Supply of Land for a Particular Use, Urban Studies, 24(5): 379-388.
Shoup, Donald C. (1970) The Optimal Timing of Urban Land Development, Papers of The Regional Science Association, 25(1): 33–44.
Colwell, Dorothea and Colwell, Peter (2004) The Timing of Development Revealed by the Market: an Options Approach. The Appraisal Journal, 72(2): 121-126.
*Evans, Alan (1983) The Determination of the Price of Land. Urban Studies. 20(?): 119-129.
*Arnott, Richard J. and Lewis, Frank D. (1979) The Transition of Land to Urban Use. Journal of Political Economy. 87(1): 161-169.
*Smith, Roger S. Land Prices and Tax Policy: A Study of Fiscal Impacts. The American Journal of Economics and Sociology. 37(1): pp. 51-69.
2. Supply of Land- Monopoly and Behaviour
Evans, Alan W. (1991) On Monopoly Rent, Land Economics, 67(1): 1-14.
Adams, David and Hutchison, Norman (2000) The Urban Task Force Report: Reviewing Land Ownership Constraints to Brownfield Redevelopment, Regional Studies, 34(8): 777-792.
*Foldvary, Fred. (1993) On Monopoly Rent: Comment. Land Economics. 69(1): 108-110.
*Evans, Alan (1993) On Monopoly Rent: Reply. Land Economics. 69(1): 111-112.
*Coase, Ronald (1972) Durability and Monopoly. Journal of Law and Economics. 15(1): 143-149.
3. Nonlinear Land Pricing- Size Matters
Colwell, Peter F. and Munneke, Henry J. (1997) The Structure of Urban Land Prices, Journal of Urban Economics, 41(3): 321-336.
Lin, Tzu-Chin and Evans, Alan W. (2000) The Relationship Between the Price of Land and Size of Plot When Plots Are Small, Land Economics, 76(3): 386-394.
*Brooks, Leah and Lutz, Byron (2016) From Today’s City to Tomorrow’s City: An Empirical Investigation of Urban Land Assembly. American Economic Journal: Economic Policy 8(3): 69–105.
*Colwell, Peter F. and Sirmans, C. F. (1978) Area, Time, Centrality and the Value of Urban Land. Land Economics. 54(4): 514-519.
*Colwell, Peter F. and Munneke, Henry J. (1999) Land Prices and Land Assembly in the CBD. Journal of Real Estate Finance and Economics. 18(2): 163-180.
4. Land Assembly- The Bigger, The Better
Shoup, Donald C. (2008) Graduated Density Zoning, Journal of Planning Education and Research, 28(2): 161-179.
Buchanan, James and Yoon, Yong J. (2000) Symmetric Tragedies: Commons and Anticommons. Journal of Law and Economics. 43(1): 1-13.
Zhu, Jieming (2012) Development of Sustainable Urban Forms for High-density Low-income Asian Countries: The Case of Vietnam. Cities (29): 77-87.
Lin, Tzu-Chin Lin, Huang, Fang-Hsin and Lin, Siao-En (2018) Land Assembly for Urban Development in Taipei City with Particular Reference to Old Neighborhoods. Land Use Policy. 78 (November): 555-561.
*Lindenthal, Thies, Eichholtz, Piet and Geltner, David (2017) Land Assembly in Amsterdam, 1832-2015. Regional Science and Urban Economics. 64 May: 57-67.
5. Land Use Regulations and Price Effects- Replacing Markets
Zhou, Jian, McMillen, Daniel P., and McDonald, John F. (2008) Land Values and the 1957 Comprehensive Amendment to the Chicago Zoning Ordinance. Urban Studies 45(8): 1647-1661.
Henneberry, David M., and Barrows, R. (1990) “Capitalization of Exclusive Agricultural Zoning into Farmland Prices.” Land Economics 66(3):249-258.
Fischel, William A. (2001) Why Are There NIMBYs? Land Economics, 77(1): 144-152.
Land Taxation
1. Graded Property Tax- With or Without Buildings
Mathis, Edward and Zech, Charles (1982) An Empirical Test of The Economic Effects of Land Value Taxation. Growth and Change, 13(4): 2-5.
Oates, Wallace E. and Schwab, Robert M. (1997) The Impact of Urban Land Taxation: The Pittsburgh Experience, National Tax Journal, 50(1): 1-21.
Plummer, Elizabeth (2010) Evidence on The Distributional Effects of A Land Value Tax on Residential Households. National Tax Journal, 63(1): 63-92.
2. Property Tax Capitalization- Invisible and Unavoidable?
Yinger, John, Bloom, Howard S., Borsch-Supan, Axel and Ladd, Helen, F. (1988) Property Taxes and House Values. Chapter 1. What is Property Tax Capitalization. Boston: Academic Press, Inc.
Oates, Wallace E. (1969) The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the Tiebout Hypothesis, The Journal of Political Economy, 77(6): 957-971.
McDonald, John F. and Yurova, Yuliya (2006) Are Property Taxes Capitalized in the Selling Price of Industrial Real Estate? The Appraisal Journal, 74(3): 250-256.
Yinger, John, Bloom, Howard S., Borsch-Supan, Axel and Ladd, Helen, F. (1988) Property Taxes and House Values. Chapter 7. Property Tax Capitalization and Public Policy. Boston: Academic Press, Inc.
3. Keeping the Tax Base Fair- Up to Date?
Cornia, Gary C. and Slade, Barrett A. (2006) Horizontal Inequity in the Property Taxation of Apartment, Industrial, Office, and Retail Properties. National Tax Journal. LIX (1): 33-55.
Anderson, Nathan B. (2006) Property Tax Limitations: An Interpretative Review. National Tax Journal. LIX (3): 685-694.
Sterk, Stewart E. and Engler, Mitchell L. (2006) Property Tax Reassessment: Who Needs It. Notre Dame Law Review. 81 (3): 1037-1094.
Anderson, John Edwin (2012) Agricultural Use-Value Property Tax Assessment: Estimation and Policy Issues. Public Budgeting & Finance. 32 (4): 71-94.
4. Tax on Transfer Capital Gains- Underserving?
The Policy Advice Division of the Inland Revenue Department and the New Zealand Treasury (2009) The Taxation of Capital Gains.
Hudson, Michael and Feder, Kris (1997) What’s Missing from the Capital Gains Debate? Real Estate and Capital Gains Taxation. Public Policy Brief No. 32, The Jerome Levy Economics Institute of Bard College.
5. Financing Land Development- Land Financing
Delaney, Charles J. and Smith, Marc T. (1989) Impact Fees and the Price of New Housing: An Empirical Study, AREUEA Journal, 17(1): 41-54.
Shoup, Donald C. (2004) The Ideal Source of Local Public Revenue, Regional Science and Urban Economics, 34: 753-784.
Foundation Readings
1. Evans, Alan W. (2004) Economics, Real Estate and The Supply of Land. Oxford: Blackwell Publishing.
2. Evans, Alan W. (2004) Economics and Land Use Planning. Oxford: Blackwell Publishing.
Recommended Supplementary Readings
1. Chiang, Alpha (1992) Fundamental Methods of Mathematical Economics. McGraw-Hill Inc. Chapter 10 Exponential and Logarithmic Functions.
2. Chiang, Alpha (1992) Dynamic Optimization. McGraw-Hill, Inc. Chapter 2.1 Differentiating a Definite Integral.
3. Goldstein, Larry J., Lay, David C. and Schneider, David I. (1993) Calculus and Its Applications. Prentice Hall. Chapter 5 Applications of the Exponential and Natural Logarithm Functions.
4. Goldstein, Larry J., Lay, David C. and Schneider, David I. (1993) Calculus and Its Applications. Prentice Hall. Chapter 6 The Definite Integral.
5. Gujarati, Damodar N. (2003) Basic Econometrics. McGraw-Hill. on 6.8 Choice of Functional Form, pp. 190-191.
6. Henderson, James and Quant, Richard (1980) Microeconomic Theory- a Mathematical Approach. Chapter 12-5 Investment Theory and the Role of Time.
7. McCloskey, Donald (1985) The Applied Theory of Price. London: Collier MacMillan Publishers. Chapter 17 The Behavior of Monopoly.
8. Nicholson, Walter (1992) Microeconomic Theory- Basic Principles and Extensions. Fifth Edition. The Dryden Press. Chapter 22. Firms’ Demands for Factors of Production.
9. Nicholson, Walter (1992) Microeconomic Theory- Basic Principles and Extensions. Fifth Edition. The Dryden Press. Chapter 23. Labor Supply.
10. Nicholson, Walter (1992) Microeconomic Theory- Basic Principles and Extensions. Fifth Edition. The Dryden Press. Chapter 24 Capital pp. 718-724. Present Discounted Value Approach to Investment Decision.
11. Ryan-Collins, Josh, Lloyd, Toby and Macfarlane, Laurie (2017) Rethinking the Economics of Land and Housing. London: Zed Books Ltd. Chs. 3 and 6 for the respective micro- and macro- perspective of land market that is largely neglected in mainstream economics.
Students are required to join discussion in class, and hand in an essay one week after each topic. The length of each essay is expected to be around six pages. The essays shall demonstrate the due acquaintance with the required readings and how they are used to answer the questions. Additional readings are encouraged to be included if a higher grade is sought.
Essays account for 70% of the grade and class participation for the rest of 30%.
每一課題結束後次週繳交報告，並依要求於課堂口頭報告。
報告佔學期成績70%，其餘30%依課堂表現決定。
(打*星號者為博士班加讀教材)
History of Land Economics
Rodwin, Lloyd (1950) Land Economics in the United States. Town Planning Review. 21(2): 161-179.
Evans, Alan W. (2003) The Development of Urban Economics in the Twentieth Century. Regional Studies. 37(5): 521-529.
Malpezzi, Stephen (2014) The Wisconsin Program in Real Estate and Urban Land Economics: A Century of Tradition and Innovation. https://bus.wisc.edu/~/media/bus/knowledge-centers/graaskamp/wisconsin-tradition-in-real-estate-and-urban-land-economics-august-2014.pdf?la=en
Hodge, Ian (2013) A Brief History of Land Economy (University of Cambridge, UK) Cambridge University Land Society Magazine Summer 2013. https://www.culandsoc.com/wp-content/uploads/2015/11/CULS2013.pdf
*Ryan-Collins, Josh, Lloyd, Toby and Macfarlane, Laurie (2017) Rethinking the Economics of Land and Housing. London: ZED Books. Chapter 3. The Missing Factor: Land in Production and Distribution.
Land Value
1. Supply of Land- The Missing Side
Neutze, Max (1987) The Supply of Land for a Particular Use, Urban Studies, 24(5): 379-388.
Shoup, Donald C. (1970) The Optimal Timing of Urban Land Development, Papers of The Regional Science Association, 25(1): 33–44.
Colwell, Dorothea and Colwell, Peter (2004) The Timing of Development Revealed by the Market: an Options Approach. The Appraisal Journal, 72(2): 121-126.
*Evans, Alan (1983) The Determination of the Price of Land. Urban Studies. 20(?): 119-129.
*Arnott, Richard J. and Lewis, Frank D. (1979) The Transition of Land to Urban Use. Journal of Political Economy. 87(1): 161-169.
*Smith, Roger S. Land Prices and Tax Policy: A Study of Fiscal Impacts. The American Journal of Economics and Sociology. 37(1): pp. 51-69.
2. Supply of Land- Monopoly and Behaviour
Evans, Alan W. (1991) On Monopoly Rent, Land Economics, 67(1): 1-14.
Adams, David and Hutchison, Norman (2000) The Urban Task Force Report: Reviewing Land Ownership Constraints to Brownfield Redevelopment, Regional Studies, 34(8): 777-792.
*Foldvary, Fred. (1993) On Monopoly Rent: Comment. Land Economics. 69(1): 108-110.
*Evans, Alan (1993) On Monopoly Rent: Reply. Land Economics. 69(1): 111-112.
*Coase, Ronald (1972) Durability and Monopoly. Journal of Law and Economics. 15(1): 143-149.
3. Nonlinear Land Pricing- Size Matters
Colwell, Peter F. and Munneke, Henry J. (1997) The Structure of Urban Land Prices, Journal of Urban Economics, 41(3): 321-336.
Lin, Tzu-Chin and Evans, Alan W. (2000) The Relationship Between the Price of Land and Size of Plot When Plots Are Small, Land Economics, 76(3): 386-394.
*Brooks, Leah and Lutz, Byron (2016) From Today’s City to Tomorrow’s City: An Empirical Investigation of Urban Land Assembly. American Economic Journal: Economic Policy 8(3): 69–105.
*Colwell, Peter F. and Sirmans, C. F. (1978) Area, Time, Centrality and the Value of Urban Land. Land Economics. 54(4): 514-519.
*Colwell, Peter F. and Munneke, Henry J. (1999) Land Prices and Land Assembly in the CBD. Journal of Real Estate Finance and Economics. 18(2): 163-180.
4. Land Assembly- The Bigger, The Better
Shoup, Donald C. (2008) Graduated Density Zoning, Journal of Planning Education and Research, 28(2): 161-179.
Buchanan, James and Yoon, Yong J. (2000) Symmetric Tragedies: Commons and Anticommons. Journal of Law and Economics. 43(1): 1-13.
Zhu, Jieming (2012) Development of Sustainable Urban Forms for High-density Low-income Asian Countries: The Case of Vietnam. Cities (29): 77-87.
Lin, Tzu-Chin Lin, Huang, Fang-Hsin and Lin, Siao-En (2018) Land Assembly for Urban Development in Taipei City with Particular Reference to Old Neighborhoods. Land Use Policy. 78 (November): 555-561.
*Lindenthal, Thies, Eichholtz, Piet and Geltner, David (2017) Land Assembly in Amsterdam, 1832-2015. Regional Science and Urban Economics. 64 May: 57-67.
5. Land Use Regulations and Price Effects- Replacing Markets
Zhou, Jian, McMillen, Daniel P., and McDonald, John F. (2008) Land Values and the 1957 Comprehensive Amendment to the Chicago Zoning Ordinance. Urban Studies 45(8): 1647-1661.
Henneberry, David M., and Barrows, R. (1990) “Capitalization of Exclusive Agricultural Zoning into Farmland Prices.” Land Economics 66(3):249-258.
Fischel, William A. (2001) Why Are There NIMBYs? Land Economics, 77(1): 144-152.
Land Taxation
1. Graded Property Tax- With or Without Buildings
Mathis, Edward and Zech, Charles (1982) An Empirical Test of The Economic Effects of Land Value Taxation. Growth and Change, 13(4): 2-5.
Oates, Wallace E. and Schwab, Robert M. (1997) The Impact of Urban Land Taxation: The Pittsburgh Experience, National Tax Journal, 50(1): 1-21.
Plummer, Elizabeth (2010) Evidence on The Distributional Effects of A Land Value Tax on Residential Households. National Tax Journal, 63(1): 63-92.
2. Property Tax Capitalization- Invisible and Unavoidable?
Yinger, John, Bloom, Howard S., Borsch-Supan, Axel and Ladd, Helen, F. (1988) Property Taxes and House Values. Chapter 1. What is Property Tax Capitalization. Boston: Academic Press, Inc.
Oates, Wallace E. (1969) The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the Tiebout Hypothesis, The Journal of Political Economy, 77(6): 957-971.
McDonald, John F. and Yurova, Yuliya (2006) Are Property Taxes Capitalized in the Selling Price of Industrial Real Estate? The Appraisal Journal, 74(3): 250-256.
Yinger, John, Bloom, Howard S., Borsch-Supan, Axel and Ladd, Helen, F. (1988) Property Taxes and House Values. Chapter 7. Property Tax Capitalization and Public Policy. Boston: Academic Press, Inc.
3. Keeping the Tax Base Fair- Up to Date?
Cornia, Gary C. and Slade, Barrett A. (2006) Horizontal Inequity in the Property Taxation of Apartment, Industrial, Office, and Retail Properties. National Tax Journal. LIX (1): 33-55.
Anderson, Nathan B. (2006) Property Tax Limitations: An Interpretative Review. National Tax Journal. LIX (3): 685-694.
Sterk, Stewart E. and Engler, Mitchell L. (2006) Property Tax Reassessment: Who Needs It. Notre Dame Law Review. 81 (3): 1037-1094.
Anderson, John Edwin (2012) Agricultural Use-Value Property Tax Assessment: Estimation and Policy Issues. Public Budgeting & Finance. 32 (4): 71-94.
4. Tax on Transfer Capital Gains- Underserving?
The Policy Advice Division of the Inland Revenue Department and the New Zealand Treasury (2009) The Taxation of Capital Gains.
Hudson, Michael and Feder, Kris (1997) What’s Missing from the Capital Gains Debate? Real Estate and Capital Gains Taxation. Public Policy Brief No. 32, The Jerome Levy Economics Institute of Bard College.
5. Financing Land Development- Land Financing
Delaney, Charles J. and Smith, Marc T. (1989) Impact Fees and the Price of New Housing: An Empirical Study, AREUEA Journal, 17(1): 41-54.
Shoup, Donald C. (2004) The Ideal Source of Local Public Revenue, Regional Science and Urban Economics, 34: 753-784.
Foundation Readings
1. Evans, Alan W. (2004) Economics, Real Estate and The Supply of Land. Oxford: Blackwell Publishing.
2. Evans, Alan W. (2004) Economics and Land Use Planning. Oxford: Blackwell Publishing.
Recommended Supplementary Readings
1. Chiang, Alpha (1992) Fundamental Methods of Mathematical Economics. McGraw-Hill Inc. Chapter 10 Exponential and Logarithmic Functions.
2. Chiang, Alpha (1992) Dynamic Optimization. McGraw-Hill, Inc. Chapter 2.1 Differentiating a Definite Integral.
3. Goldstein, Larry J., Lay, David C. and Schneider, David I. (1993) Calculus and Its Applications. Prentice Hall. Chapter 5 Applications of the Exponential and Natural Logarithm Functions.
4. Goldstein, Larry J., Lay, David C. and Schneider, David I. (1993) Calculus and Its Applications. Prentice Hall. Chapter 6 The Definite Integral.
5. Gujarati, Damodar N. (2003) Basic Econometrics. McGraw-Hill. on 6.8 Choice of Functional Form, pp. 190-191.
6. Henderson, James and Quant, Richard (1980) Microeconomic Theory- a Mathematical Approach. Chapter 12-5 Investment Theory and the Role of Time.
7. McCloskey, Donald (1985) The Applied Theory of Price. London: Collier MacMillan Publishers. Chapter 17 The Behavior of Monopoly.
8. Nicholson, Walter (1992) Microeconomic Theory- Basic Principles and Extensions. Fifth Edition. The Dryden Press. Chapter 22. Firms’ Demands for Factors of Production.
9. Nicholson, Walter (1992) Microeconomic Theory- Basic Principles and Extensions. Fifth Edition. The Dryden Press. Chapter 23. Labor Supply.
10. Nicholson, Walter (1992) Microeconomic Theory- Basic Principles and Extensions. Fifth Edition. The Dryden Press. Chapter 24 Capital pp. 718-724. Present Discounted Value Approach to Investment Decision.
11. Ryan-Collins, Josh, Lloyd, Toby and Macfarlane, Laurie (2017) Rethinking the Economics of Land and Housing. London: Zed Books Ltd. Chs. 3 and 6 for the respective micro- and macro- perspective of land market that is largely neglected in mainstream economics.