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Article: Time is of the essence? An empirical application of the corollary of the coase theorem

TitleTime is of the essence? An empirical application of the corollary of the coase theorem
Authors
Issue Date2008
PublisherBlackwell Publishing Asia. The Journal's web site is located at http://www.blackwellpublishing.com/journals/RURDS
Citation
Review of Urban and Regional Development Studies, 2008, v. 20 n. 1, p. 34-51 How to Cite?
AbstractApplying the corollary of the Coase Theorem to the development market developed in Lai et al. (2007a), we evaluate the proposition that procedural steps to use resources are not contingent on property rights assignment, unless the associated transaction costs are positive or property rights are ambiguous. Using aggregate statistics regarding planning applications for residential use, property prices, construction costs, share prices, interest rates, and application success rates in Hong Kong from 1985 to 2005, we evaluated, using regression techniques, the null hypothesis that there was no change in the relationship between readiness for submission of planning applications and property prices in response to changes in the time limits imposed on planning permissions. The relationship was more pronounced or strengthened (less obvious or weakened) when time limits were first imposed and shorter (longer). This can be explained in terms of the transaction costs of switching resource allocation according to the time limit. © 2008 Applied Regional Science Conference (ARSC) and Blackwell Publishing Asia Pty Ltd.
Persistent Identifierhttp://hdl.handle.net/10722/81797
ISSN
2015 SCImago Journal Rankings: 0.167
References

 

DC FieldValueLanguage
dc.contributor.authorLai, LWCen_HK
dc.contributor.authorWong, SKen_HK
dc.contributor.authorHo, ECKen_HK
dc.contributor.authorChau, KWen_HK
dc.date.accessioned2010-09-06T08:22:05Z-
dc.date.available2010-09-06T08:22:05Z-
dc.date.issued2008en_HK
dc.identifier.citationReview of Urban and Regional Development Studies, 2008, v. 20 n. 1, p. 34-51en_HK
dc.identifier.issn0917-0553en_HK
dc.identifier.urihttp://hdl.handle.net/10722/81797-
dc.description.abstractApplying the corollary of the Coase Theorem to the development market developed in Lai et al. (2007a), we evaluate the proposition that procedural steps to use resources are not contingent on property rights assignment, unless the associated transaction costs are positive or property rights are ambiguous. Using aggregate statistics regarding planning applications for residential use, property prices, construction costs, share prices, interest rates, and application success rates in Hong Kong from 1985 to 2005, we evaluated, using regression techniques, the null hypothesis that there was no change in the relationship between readiness for submission of planning applications and property prices in response to changes in the time limits imposed on planning permissions. The relationship was more pronounced or strengthened (less obvious or weakened) when time limits were first imposed and shorter (longer). This can be explained in terms of the transaction costs of switching resource allocation according to the time limit. © 2008 Applied Regional Science Conference (ARSC) and Blackwell Publishing Asia Pty Ltd.en_HK
dc.languageengen_HK
dc.publisherBlackwell Publishing Asia. The Journal's web site is located at http://www.blackwellpublishing.com/journals/RURDSen_HK
dc.relation.ispartofReview of Urban and Regional Development Studiesen_HK
dc.titleTime is of the essence? An empirical application of the corollary of the coase theoremen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0917-0553&volume=20&issue=1&spage=34&epage=51 &date=2007&atitle=Time+is+of+the+Essence?+An+Empirical+Application+of+the+Corollary+of+the+Coase+Theoremen_HK
dc.identifier.emailLai, LWC: wclai@hku.hken_HK
dc.identifier.emailWong, SK: kelvin.wong@hku.hken_HK
dc.identifier.emailChau, KW: hrrbckw@hkucc.hku.hken_HK
dc.identifier.authorityLai, LWC=rp01004en_HK
dc.identifier.authorityWong, SK=rp01028en_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1111/j.1467-940X.2008.00134.xen_HK
dc.identifier.scopuseid_2-s2.0-43149109085en_HK
dc.identifier.hkuros147693en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-43149109085&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume20en_HK
dc.identifier.issue1en_HK
dc.identifier.spage34en_HK
dc.identifier.epage51en_HK
dc.publisher.placeAustraliaen_HK
dc.identifier.scopusauthoridLai, LWC=7202616218en_HK
dc.identifier.scopusauthoridWong, SK=7404591021en_HK
dc.identifier.scopusauthoridHo, ECK=23396650700en_HK
dc.identifier.scopusauthoridChau, KW=24830082500en_HK
dc.identifier.citeulike2770289-

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