Document Type

Article

Journal/Book Title/Conference

Economics Research Institute Study Paper

Volume

96

Issue

34

Publisher

Utah State University Department of Economics

Publication Date

1996

First Page

1

Last Page

17

Abstract

The Arrow-Fisher-Henry (AFH) analysis of land development under uncertainty has been conducted in a two-period model. Recently, Capozza and Helsley in 1990 and Batabyal in 1995 have addressed the question of land development under uncertainty in a many-period setting. In this paper, I extend aspects of this literature by analyzing the land development question in a Markov decision theoretic framework. Inter alia, I show that the timing of land development is invariant to the manner in which a landowner uses information about the consequences of development.


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