外部性與最適財產稅-實質選擇權模型在不動產投資的應用

Journal
財務金融學刊
Journal Volume
15卷
Journal Issue
2期
Pages
141-180
Date Issued
2007
Author(s)
DOI
URI
Abstract
This article investigates the design of property taxation both before and after development in a real options framework where a fixed number of landowners irreversibly develop property in an uncertain environment. null We assume that densely developed properties reduce open space, and thereby harm urban residents. null However, landowners will ignore this negative externality, and will thus develop properties more densely than is socially optimal. null The regulator can correct this tendency by imposing taxation on property both before and after development. null It is, however, unclear whether the latter should be taxed at a higher rate than the former even though the negative externality arises only after the property is developed. null Keywords: Development Density, Negative Externality, Property Taxation, Real Options.
SDGs

[SDGs]SDG11

Type
journal article
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Externality and Optimal Property Taxation_Application of the Real Options Model to Real Estate Investment.pdf

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576.75 KB

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Adobe PDF

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