Spring 1998- Volume 12, Number 2
- "Anchoring Rights" deals with the growing
popularity among American boaters of anchoring their boats outside
of marinas for short or, sometimes, lengthy stays. This activity
has implications for recreational boating, commercial navigation,
and owners of waterfront land, as well as for government resources
and the redevelopment of downtown areas.
- "A Note on The Economics of Open Space"
provides a response to an earlier IREL article; its authors offer
an approach to allocating land to residential and open space uses
based on a simple analysis of marginal costs and benefits.
- "Investment Decisions: An Economic Tutorial"
explains the theoretical foundations of the Net Present Value
(NPV) and Internal Rate of Return (IRR) tools used as decision
criteria by investors. A graphical analysis involving two time
periods demonstrates that the NPV criterion is superior to the
IRR criterion, because choosing a project with a higher NPV is
uniformly consistent with maximizing the decision-maker's satisfaction.
- "Illinois Housing Prices: An Update" supplements
a previous article on our state's home values. An interesting
finding is that, according to Freddie Mac data, prices of Illinois
residences generally rose little during 1997, substantially trailing
the home price trends observed both nationwide and in other nearby
© 1996 ORER
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