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Contains fulltext : 121016.pdf (Publisher’s version ) (Closed access) This paper reports an experiment based on the model of bilateral sequential bargaining over the distribution of a certain value in a laboratory setting within a real specific context of property development in the Netherlands. We have involved only property development professionals as participants in the experiment who have experience with the context. We have also extended the experiment into three different negotiation games distinguished by the availability of information to the participants: a negotiation game with incomplete information, asymmetric information, and complete information. We have found in this experiment that the availability of information could affect the plausibility to reach an agreement, particularly due to a restricted communication setting. This study also provides evidences that it is in the negotiators’ concern to reach an agreement with a fair outcome, which is defined here as the equilibrium, regardless the availability of the information to them. 08 december 2014 12 p.

The supply side of real estate markets has remained relatively neglected compared to the body of work that studies the demand side. Consequently, little is known about the way that suppliers actually make decisions about the quantity of land and property to be made available for sale at any one time. This paper investigates how one particular type of suppliers, public developers of serviced industrial building land in the Netherlands, assess market conditions, and the way these analyses influence decisions to make more serviced building land available. This paper presents evidence from interviews amongst municipal developers and finds that profit considerations are not the main motive behind their decisions to develop industrial land. Municipalities are involved in land development primarily because they want to be able to steer local economic development. Furthermore, they also pay attention to ‘nonprice’ signals of market conditions – sales levels in particular – when deciding to make more land availabl...

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Contains fulltext : 111736p.pdf (Publisher’s version ) (Closed access) Contains fulltext : 111736.pdf (author's version ) (Open Access) - Purpose – The purpose of this paper is to provide an understanding of how a phenomenon or process of collective action with regard to the negotiation in value capturing can be expected to happen in a certain way, which in the end could improve our understanding of value capturing implementation processes. - Design/methodology/approach – Game theory is utilized to model the structure of relations between the actors involved. Game theory is a mathematical approach to study collective decision-making situations in which the decision makers involved have conflicting preferences. Here, the authors consider the implementation of value capturing as the result of an agreement between a municipality and landowners to contribute to the costs of public infrastructure development which, in essence, is a form of collective action. - Findings – The paper is not only demonstrating the usefulness of game theoretical modelling in conceptualising relations between different stakeholders in the implementation of value capturing and suggesting the best possible strategy for every stakeholder; but also observing the limitations of the methods in analyzing the behaviour of actors involved in decision-making processes with respect to value capturing. - Originality/value – Unlike most of value capturing studies which focused on either a valuation point of view (how much value can be captured?), a governance or instrumentalist point of view (which instruments can be effective for value capturing?), or a political point of view (to whom belongs the increment value that is the result of government investments or decisions?) – this paper emphasizes an alternative perspective to value capturing, namely the decision-making or negotiation process underlying value capturing by relying on game-theoretical approach. 18 p.

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Land and property development processes obviously can be seen as a social situation in which the interaction of individuals or groups of individuals is one of the essential elements. To study and understand social situations, it is important to analyse how the decisions of actors are interrelated and how those decisions result in outcomes. In this paper, we propose a game theoretical modelling approach to analyse it. Hence, the objective of the paper is to investigate the usefulness as well as the limitations of game theoretical modelling for analysing and predicting the behaviour of actors in decision-making processes with respect to the development of land and property. For that purpose, we have developed game models for the case study of the development of a greenfield residential location in the Netherlands with respect to the implementation of new Dutch legislation on cost recovery. Our study demonstrates that game theory could help us to identify the key strategic decisions of land and property development projects by showing the different payoffs for stakeholders of their chosen strategies and selecting the equilibrium in which all stakeholders involved are best of. We also found many limitations of using game theory in our case study especially regarding the assumptions underlying the model. However, we conclude that game theoretical modelling can be a useful decision support tool in spatial planning, because it provides a way to think about the complexity of strategic interaction and, in particular, about the conflicting structure of collective decision-making processes.

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Bedrijventerreinen worden vaak geassocieerd met leegstand, verloedering en verrommeling. Om van dit imago af te komen, riep de Taskforce (Her)structurering Bedrijventerreinen in 2008 op om de markt van bedrijventerreinen te gaan hervormen. Deze publicatie laat zien wat er de afgelopen jaren is gebeurd: bedrijventerreinen zijn op grote schaal geherstructureerd, de overheid speelt een andere rol en kijkt met een meer zakelijke blik op bedrijventerreinen, terwijl de rol van ondernemers en vastgoedeigenaren belangrijker is geworden. Lessen en toekomstig beleid De publicatie bespreekt welke lessen we de afgelopen jaren geleerd hebben op basis van kwalitatief en kwantitatief onderzoek naar bedrijventerreinen en het gevoerde overheidsbeleid. Daarnaast vat het de inzichten samen die kunnen worden meegenomen in het formuleren van nieuw beleid voor de komende jaren. Hierbij is meer aandacht voor eigenaargebruikers van bedrijfsvastgoed en investeerders noodzakelijk, dienen ‘systeemfouten’ in de markt voor bedrijventerreinen gerepareerd te worden en is het de uitdaging om publiek geld op een ‘slimmere’ manier in te zetten. Met uiteenlopende bijdragen van onderzoekers en praktijkdeskundigen op het gebied van bedrijventerreinen is deze publicatie interessant voor iedereen die hierin inhoudelijk geïnteresseerd is. Op de eerste plaats voor beleidsadviseurs en bestuurders bij het Rijk, provincies en gemeenten, maar ook onderzoekers en adviseurs. De wisselwerking tussen beleid, de werking en uitkomsten van de vastgoedmark is bovendien ook relevant voor een breder publiek van ruimtelijke ordenaars en ruimtelijke economen.

Contains fulltext : 132128.pdf (Publisher’s version ) (Closed access) In Vietnam, similarly to other countries with the same system, transformation of the economy from one based on central planning into one founded on market principles, provides incomplete property rights in land and property markets. Nonetheless, cities like Ho Chi Minh City (HCMC) are experiencing strong growth in commercial property markets. Although the real estate market is still suffering from the recession in many parts of the world, commercial property development in HCMC is booming. This paper explores the present privatization process and the changing property rights regime related to the real estate market in Vietnam. Employing logistic regression analysis, this study also examines opportunities of foreign and domestic investors in the commercial real estate market in HCM city centre. The findings of this study show that there is not yet a level playing field for foreign and domestic investors, mainly caused by a different property rights regime for both groups of investors, especially related to land lease conditions. We also find that both groups invest in different categories of commercial real estate However, this does not necessarily lead to reduced foreign investment in Vietnam's real estate market, which means that the transition and privatization process in Vietnam is still moving in the right direction. 9 p.

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Hedonic price modelling is a widely used technique to explain the value of different types of individual property. Following the notion that areas within the city can suffer from devaluation, the question arises what factors influence the value of urban areas. In this paper, we use hedonic price analysis to answer this question for a specific type of urban area, the industrial site. We use the average property value per hectare as a representation of the value of an industrial site. A distinction is made between three types of explanatory variables: physical characteristics of the industrial site, regional economic characteristics and general economic trends. Although the overall explanatory value of our model appears to be modest compared to existing hedonic pricing studies of individual property, results show that most explanatory variables in our model have the expected coefficients and signs, indicating that this method can be applied in a meaningful way to gain insight into the valuation of urban areas.

Purpose – This article aims at analysing the different institutional aspects of the rural land market that are manifest at the transactional level. Second, it answers the question whether including these aspects in a land price model increases the understanding of rural land market outcomes. Institutional economics scholars have challenged the limited institutional behaviour of conventional land market models. Despite their research methods remaining primarily qualitative, research findings suggest that we should look at institutional aspects to understand land and real estate market outcomes better. Design/methodology/approach – This paper presents a hedonic price model explaining rural land prices by using individual institutional transaction aspects from the deeds of purchase of the land exchange. Findings – The results indicate that incorporating institutional aspects, such as property rights, transactional arrangements and governance context, as explanatory variables significantly improves the power of the model. Originality/value – The approach taken in this article is new in the sense that it tries to combine a quantitative research method with a rich data set of a more qualitative character. The use of deeds of purchase as a primary source of a hedonic price model is relatively new and provides a first step in bridging the gap between advanced hedonic land price models and rich institutional economic insights in market processes.

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For many decades cities in the Netherlands have made extensive use of public land development as a strategic tool for pro-active planning. This paper investigates the Dutch experience to explore its utility both in the Netherlands and in the U.S. We build upon an earlier study by Lefcoe (1977) with similar purposes. His conclusion was that American cities should be cautious in the use of this approach. This paper comes to the same conclusion, but does so taking into account the present institutional contexts and market circumstances both in the Netherlands and the U.S. It is argued that only under very specific circumstances does it make sense for municipalities to act as land developers. Furthermore, the Dutch experience with public land development since the 1990s demonstrates the many dangers there can be to this land development strategy.

Contains fulltext : 121717.pdf (Publisher’s version ) (Open Access) In veel landen is de financiering van publieke infrastructuur onderwerp van discussie. Het debat heeft betrekking op de problemen voor overheden, die in het algemeen slechts over beperkte middelen voor de financiering van infrastructuur beschikken, om de gewenste infrastructuur te realiseren. De financiering van infrastructuur vindt grotendeels plaats op basis van belastinginkomsten. Afhankelijk van wet- en regelgeving vindt er daarnaast aanvullend soms kostenverhaal of value capturing plaats. 10 p.

Value capturing is considered a promising additional way of funding public infrastructure development. However, its implementation is often problematic because the instruments that can be used for it (ie, taxes, fees, and other types of fiscal regulation) generally face a lack of support. An alternative approach to value capturing might be to stimulate the stakeholders to bargain over the distribution of the increment values. This paper presents an analysis of bargaining processes with respect to the implementation of value capturing based on concepts drawn from cooperative game theory in partition function form. The institutional setting of location development related to infrastructure development in the Netherlands is used to provide an empirical context to the analysis. As a validation, the game is played with experts in Dutch planning and infrastructure development practice. Our study shows that a game-theoretical approach offers a useful method to conceptualise relationships between different stakeholders and analyse the bargaining and negotiation processes to reach an agreement about an efficient and fair allocation of the increment land values. Keywords: land and infrastructure development, value capturing, bargaining, cooperative game theory in partition function form

Contains fulltext : 121699.pdf (Publisher’s version ) (Open Access) In dit artikel worden de resultaten gepresenteerd van een onderzoek naar grondprijzen, gebaseerd op 215 kadastrale akten van agrarische grondtransacties. Het gebruik van kadastrale akten als bron voor grondprijsonderzoek is nieuw en biedt de mogelijkheid om naast fysieke perceelskenmerken ook institutionele perceelsen transactiekenmerken in een verklarend grondprijsmodel op te nemen. De analyse ondersteunt de hypothese dat een institutioneel-economische benadering van grondprijsonderzoek de heterogeniteit van transacties significant vergroot en daarmee een additionele bron is voor de verklaring van (agrarische) grondprijzen. 14 p.

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The paper aims to position the concept of adaptive efficiency in planning theory, by providing insights on the conditions that explain why land use planning in some institutional contexts is able to adapt and improve more efficiently than in others. This is done by focusing on a specific planning goal: the control of residential sprawl. The paper presents a theoretical framework based on two models, one on the coordinating mechanisms regarding the use of land and one to explain institutional changes. This framework is exploited with empirical case studies where we compare the control of sprawl in the Netherlands, Belgium and Poland. The analysis diagnoses a duality of planning practices. Even though planning failures occur in the Netherlands as well, we provide evidence that Dutch land use planning has been able to efficiently adapt regulatory instruments and collaborative practices to societal changes. By contrast, Belgian and Polish planners face huge difficulties to incorporate new initiatives to control urban sprawl or, in more general terms, to reinforce their influence on land uses.

Outcomes of land and property markets may be understood by studying the effects of (interventions in) market processes and market institutions. Many studies have paid attention to the meaning of institutions for land and property development processes. The standpoint of this paper is that changes in the institutional order of the market may be considered to arrive at more desirable market outcomes. It will be argued that institutional economic theory offers a valuable theoretical approach to bring forward possible interventions in this institutional order. This theoretical approach to land and property development processes is applied to analyse one specific market outcome, the spatial layout of industrial parks in the Netherlands. Starting from the analysis of the oversupply of industrial land and the deterioration of existing industrial parks, the paper focuses on possible interventions to change the institutional order that should lead to more favourable market outcomes. For the present submarket for i...

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Contains fulltext : 86750.pdf (Publisher’s version ) (Closed access) G. Marlet De aantrekkelijke stad : ,2009 9789079812042

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Contains fulltext : 119084.pdf (Publisher’s version ) (Open Access) Radboud Universiteit Nijmegen, 06 november 2013 Promotores : Krabben, E. van der, Heijden, R.E.C.M. van der x, 210 p.