Economic analysis of ground lease-based land use system.

摘要

The recent decades have experienced the development of ground lease based land use systems in modern urban society, especially in commercial real estate. This thesis tries to study its efficiency properties as well as limits. Focusing on territorial collective goods (Foldvary, 1994), I argue that "market failure" does not necessarily lead to government. Because landowners have only limited ex post mobility, ground lease system is an efficient institutional response to the fundamental transformation of the relationship between landowner and the provider of collective goods. However, bundled consumption of private good---land and collective goods requires a tradeoff between the efficient forms of property rights for the two kinds of good. CID preserves the merits of sole ownership of private good while efficiently providing collective goods through a hybrid governance structure. The different characteristics of commercial and residential real estate determine the dominance of ground lease systems and CIDs respectively.