There is substantial empirical evidence of price concavity in the parcel-size dimension across land-use types and across urban regions. This article examines the degree to which concavity varies between the Central Business District (CBD) and the rest of the urban area. The article provides strong empirical support that the degree of concavity within the CBD is lower than in the rest of the county. Although concavity may be the dominant pricing relationship throughout most urban areas, there is some evidence of the presence of a convex price structure within the urban center.
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Sep 30, 2004
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