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Skeptics of rational land or housing bubbles have claimed that bubbles do not exist on the basis of the supposed stationarity in the rent yield (rent to price ratio), as a bubble implies a vanishing rent yield. To counter this claim, we present a simple model in which the housing rent yield is constant but a land bubble inevitably emerges nevertheless with economic growth. The confusion arises from not distinguishing the rent on the housing structure from the pure land rent.