HIGHLIGHTS
SUMMARY
To be more concise, on the one hand, in the absence of taxation, land prices are determined entirely by market conditions and people`s risk aversion to land investment is based on their assessment of the uncertainty in the market. In proportion to the level of taxation, the decrease in risk aversion leads to land prices being increasingly determined by the level of taxation, and less and less by market indicators such as income and consumption growth rates. A number of studies have either used land as an asset to model asset pricing (Holmstrom . . .
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