The pattern and timing of land development in a long run equilibrium urban land use model.

The essential aspects of competitive residential land speculation are developed. Demand, control of land speculation is examined and a linear program developed of the socially efficient land development pattern. It is shown that land speculation can be controlled via a combination of location specific land taxes and time specific development taxes. The paper then criticizes the long standing assumption that the above mentioned proposition is true. It is argued that deviations from the assumption of the model developed here will produce more satisfactory spatiotemporal models, but that none of these will be a long run equilibrium equivalent of the static model. All past attempts to draw long run predictions from Alonso's static model appear to have been severely mistaken. -from Author