Abstract
A simple model of rent determination for homogeneous shopping center space predicts that landlords use tenant characteristics, such as default probability and customer traffic-generating potential, to set rental rates in a discriminatory manner. Empirical tests conducted on a sample of shopping center leases support these predictions. Differences in contractual provisions do not appear to explain the observed rent dispersion among tenants favored by price discrimination, but are of importance for determining the rental liability of other tenants.
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