Abstract
The author is Assistant Professor of Business Administration, University of California, Los Angeles, and Research Economish Real Estate Research Program. This paper is derived from the author's Investment Time Scheduling in Urban Reconstruction. Acknowl edgements are due Leo H. Klaassen, Leendert M. Koyck, and Jaap J, Muilwijk for their substantial assistance with the basic document, and John F. Kain and Noriko H. Fukuda for helpful comments on an earlier draft.
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