By Simon Guy, John Hanneberry
This booklet offers for the 1st time an interdisciplinary view of estate improvement and estate builders. Fourteen contributor are introduced jointly right here from top researchers and revered practitioners, together with estate analysts, economists, geographers, planners and sociologists.
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Extra resources for Development and Developers: Perspectives on Property
Example text
DiPasquale, D. C. (1996) Urban Economics and Real Estate Markets. Prentice Hall, New Jersey. Eggertsson, T. (1990) Economic Behaviour and Institutions. Cambridge University Press, Cambridge. S. (1993) The City Builders. Basil Blackwell, Oxford. D. (1992) Integrating research on markets for space and capital. AREUEA Journal, 20, 161±180. , Guttery, R. & Sirmans, C. (1994) The Olympia and York crisis. Journal of Property Finance, 5, 5±46. Giddens, A. (1984) The Constitution of Society. Polity Press, Cambridge.
This chapter attempts to explain these institutional changes and their impact on development activity, addressing directly the institutional factors which are largely unexplained in conventional economic and quantitative models of property development. The result is an explicit treatment of `property market process' as a mediator of economic change. In this exercise, the approach adopted to institutionalism reflects the re-emergence of an institutional critique of mainstream economics in recent years (Eggertsson, 1990; Samuels, 1995).
Given the nature of property development, a crucial key to understanding the process of institutional 28 Development and Developers: perspectives on property change is the changing focus of entrepreneurial initiative in property development. Different institutional conditions will shift the locus of entrepreneurial responsibility, drawing in different actors and leading existing developers to redefine their involvement. In line with previous arguments, these adjustments can be expected to reflect transaction cost advantages, but are limited by the power to effect institutional change and the quality of information upon which transaction cost benefits might be assessed.