It depends of course. A great application is here. HT to Owen O.
How Many Stories are in a Coasean Skyscraper?
Nov 19th, 2013 by wintercow20
Homines libenter quod volunt credunt
Nov 19th, 2013 by wintercow20
It depends of course. A great application is here. HT to Owen O.
Well, WC, I will bite and say I had never known about the air market, and had not thought of the economics of air rights in that way, applying your Coasean implied analysis. That was obscure academic speak.
I am still puzzled by people who buy a one-bedroom apartment for a million and a half to be able to see planes landing at three airports and look at Central Park, but then again I am a farm boy who has different tastes. It’s a free country and we cowboys can graze our cows on our land and watch them, right?
If the skyscraper curse is true or if this has all the wonderful characteristics of a bubble, then I’d say it’s a good time to sell as long as you buy it back after the crash (with a reasonable profit, of course).