The Costs of Free Land: The Oklahoma Land Rushes—Reply

The Costs of Free Land: The Oklahoma Land Rushes—Reply Journal of Real Estate Finance and Economics, 19:2, 165±167 (1999) # 1999 Kluwer Academic Publishers, Boston. Manufactured in The Netherlands. The Costs of Free Land: The Oklahoma Land RushesÐReply CECIL E. BOHANON AND PHILIP R. P. COELHO Department of Economics, Ball State University, Muncie, IN 47306-0340 Noel Campbell's comments on our paper raise several issues about the Oklahoma land allocation. We agree with his observation that why speci®c methods of land allocation were used is an interesting and important question. Second, we recognize that, as Campbell points out, the risk preferences of potential settlers do matter. The problem is that it is not clear how to falsify assumptions about risk preferences in any but an heuristic way. These explanations are inevitably ad hoc, always capable of being replaced by another set of equally plausible speculations. Finally, we disagree with Campbell's assertion that our analysis ``underestimates the cost of the land rush by the amount of the cheating or odds-altering expenses.'' Addressing these points in reverse order, Campbell is absolutely correct in asserting that the odds-altering expenses of the land rushes were social costs. Indeed, the Oklahoma land rush is a classic example of a prisoner's dilemma: If all the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

The Costs of Free Land: The Oklahoma Land Rushes—Reply

Loading next page...
 
/lp/springer_journal/the-costs-of-free-land-the-oklahoma-land-rushes-reply-HboEcj50Hw
Publisher
Kluwer Academic Publishers
Copyright
Copyright © 1999 by Kluwer Academic Publishers
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1023/A:1007887624146
Publisher site
See Article on Publisher Site

References

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • No expiration
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches

$49/month

Start Free Trial

14-day Free Trial

Best Deal — 39% off

Annual Plan

  • All the features of the Professional Plan, but for 39% off!
  • Billed annually
  • No expiration
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.

$588

$360/year

billed annually
Start Free Trial

14-day Free Trial