Abstract
Land acquisition for infratructure projects that require large amount of funding can be financed by an equity-like financing protocol. The auction protocol does not require a knowledge of the reservation value of the land acquired nor does it require a determination of post-development value of the land developed in the surrounding area of the project. Competition among private players transfers the value of pecuniary externalities, manifested in land price appreciation, to the government which it can use to partially finance the project that may also have non-pecuniary positive externalities valued by society.
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