Whose land was it anyway? The Crichel Down Rules and the sale of public land

The guiding principle of compulsory purchase of interests in land in England and Wales is that of fairness, best stated in the words of Lord Justice Scott in Horn v Sunderland Corporation when he said that the owner has “the right to be put, so far as money can do it, in the same position as if his land had not been taken from him”. In many instances, land acquired by compulsion subsequently becomes surplus to the requirements of the acquiring authority. This may be because the intended development scheme was scrapped, or substantially modified, or that after the passage of time the use of the land for which the purchase took place is no longer required. More controversially it may be that for ‘operational reasons’ the acquiring authority knowingly purchased more land than was required for the scheme. Under these circumstances, the Crichel Down Rules (‘the Rules’) require government departments and other statutory bodies to offer back to the former owners or their successors, any land previously so acquired by, or under the threat of, compulsory purchase.

Real options and game theoretical approaches to real estate development projects: multiple equilibria and the implications of different tie-breaking rules

This paper contributes to a fast growing literature which introduces game theory in the analysis of real option investments in a competitive setting. Specifically, in this paper we focus on the issue of multiple equilibria and on the implications that different equilibrium selections may have for the pricing of real options and for subsequent strategic decisions. We present some theoretical results of the necessary conditions to have multiple equilibria and we show under which conditions different tie-breaking rules result in different economic decisions. We then present a numerical exercise using the in formation set obtained on a real estate development in South London. We find that risk aversion reduces option value and this reduction decreases marginally as negative externalities decrease.

The initial return performance of UK property company IPOs

This paper presents empirical evidence for a sample of 48 UK property company initial public offerings over the period 1986 to 1995. From which a number of conclusions can be drawn. First, property companies in general show positive average first day returns. Second, the average first day return by property trading companies is significantly higher than that for property investment companies

New rôles and development rules for housing associations: rhe rise of design and build?

This paper summarises an initial report carried out by the Housing Business Research Group, of the University of Reading into Design and Build procurement and a number of research projects undertaken by the national federation of Housing Associations (NFHA), into their members' development programmes. The paper collates existing statistics from these sources and examines the way in which Design and Build procurement can be adapted for the provision of social housing. The paper comments on these changes and questions how risk averting the adopted strategies are in relation to long term housing business management issues arising from the quality of the product produced by the new system.

Regional implications of macro-economic, sectoral and company changes in the development of technopoles in Britain and France

This paper reports the proceedings of a conference held at Reading University in 1993 which addressed the issues of new technological developments at the regional and sub-regional levels in Britain and France. These new technological clusters - the `Technopoles' - are investigated in a series of papers in both English and French which examines their spatial, sectoral and economic aspects to determine what lessons can be learned from their development and what their future economic significance is likely to be. Two recurring themes are of particular significance in the papers - the link between R& D and regional development, and the different forms which innovation assumes within the various technopoles under scrutiny.

Parallel induction of modular classification rules

The Distributed Rule Induction (DRI) project at the University of Portsmouth is concerned with distributed data mining algorithms for automatically generating rules of all kinds. In this paper we present a system architecture and its implementation for inducing modular classification rules in parallel in a local area network using a distributed blackboard system. We present initial results of a prototype implementation based on the Prism algorithm.

J-PMCRI: a methodology for inducing pre-pruned modular classification rules

Inducing rules from very large datasets is one of the most challenging areas in data mining. Several approaches exist to scaling up classification rule induction to large datasets, namely data reduction and the parallelisation of classification rule induction algorithms. In the area of parallelisation of classification rule induction algorithms most of the work has been concentrated on the Top Down Induction of Decision Trees (TDIDT), also known as the ‘divide and conquer’ approach. However powerful alternative algorithms exist that induce modular rules. Most of these alternative algorithms follow the ‘separate and conquer’ approach of inducing rules, but very little work has been done to make the ‘separate and conquer’ approach scale better on large training data. This paper examines the potential of the recently developed blackboard based J-PMCRI methodology for parallelising modular classification rule induction algorithms that follow the ‘separate and conquer’ approach. A concrete implementation of the methodology is evaluated empirically on very large datasets.