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• W2570541693 abstract "This article presents a simple model of land development under uncertainty and hyperbolic discounting. Land kept in rural use pays an uncertain rent, while net returns from land development are known and constant. The landowner is viewed here as a sequence of selves with time-inconsistent preferences. We solve the underlying timing game under both naive and sophisticated beliefs about the landowner’s time-inconsistency and show that (i) land development is accelerated due to his present-bias and (ii) a higher acceleration is associated with sophistication." @default.
• W2570541693 created "2017-01-13" @default.
• W2570541693 creator A5040646687 @default.
• W2570541693 date "2018-05-10" @default.
• W2570541693 modified "2023-09-25" @default.
• W2570541693 title "Rural land development under hyperbolic discounting: a real option approach" @default.
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• W2570541693 doi "https://doi.org/10.1007/s12076-018-0209-2" @default.
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