Abstract
The purpose of this study is to analyze the impact of transportation improvement on the land development process and land price structure in an owner-occupied residence setting. A dynamic model of household and landowner in which the role of land as an asset is explicitly considered is presented, and the process of land development and land price change after the announcement of transportation improvement is investigated. During the period between the announcement and the completion of urban transportation improvement, it is observed that the price of the land that is presently used for agriculture but will be developed in the future is higher than the agricultural land price.
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