2015 Volume 28 Issue 4 Pages 116-125
The purpose of this study is to analyze on the land market for the development which influences the housing market. This market is imperfect market. So the transaction between the landowner and the developer is made by the bargaining which is made to agree not only the price but also the timing. The bargaining with two factors is complex, because, in some transaction price, the optimal timing of landowner and developer are generally different. In this paper, we investigate the bargaining process and suggest that the transaction timing and price by the bargaining may be the first best.
