Abstract
This paper extends the work of Sirmans, Turnbull, and Dombrow in Residential Development, Risk, and Land Prices (Journal of Regional Science 1997). We suggest the relevance of the scale of a specific development compared to the overall market to the impact of uncertainty on changes in land values within a development. We develop a model incorporating this factor and conduct empirical testing. The testing is inconclusive with respect to the Sirmans, Turnbull, and Dombrow model, and supportive of our revised model.
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