Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/221094
Title: LAND USE OPTIMIZATION STUDY: LONG RUN EQUILIBRIUMS BETWEEN ECONOMIC AND LAND-USING ACTIVITIES IN SINGAPORE
Authors: WANG YINGXIANG
Keywords: Land use optimization
Long run equilibrium
Cointegration
Ho Kim Hin David
Real Estate
RE
2013/2014 RE
Issue Date: 8-May-2014
Citation: WANG YINGXIANG (2014-05-08). LAND USE OPTIMIZATION STUDY: LONG RUN EQUILIBRIUMS BETWEEN ECONOMIC AND LAND-USING ACTIVITIES IN SINGAPORE. ScholarBank@NUS Repository.
Abstract: This study examines the dynamic interactions between economic growth and urban development. The focus is on the two long-run equilibrium relationships. One of them is between the output of business firms or producing plants and the bid rents that the firms need to pay, while the other is that involving household incomes, commuting cost, consumption expenses and residential bid rents. Utilizing a long enough data set, spanning from 1988Q1 to 2013Q3, the results from the Johansen cointegration test suggests that the respective endogenous variables are cointegrated. The cointegration-based Vector Error Correction Model (VECM) is adopted to analyze the short-run dynamics. Results from corresponding VECMs suggest that these models are stable and they have good explanatory powers. Understanding these long-run equilibrium relationships can play a vital in the optimization of land uses. These long-run equilibriums can help to model land use policy with respect to maximizing the highest and best use of land, which will eventually maximize society’s welfare and utility. Given Singapore’s acute and chronic land constraint, the resulting model could better assist the national planning authority, the Urban Redevelopment Authority (URA) in their decision making and in the formulation of effective and sustainable land use and economic policies.
URI: https://scholarbank.nus.edu.sg/handle/10635/221094
Appears in Collections:Bachelor's Theses

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