本文以都市空間均衡模型分析可轉讓土地發展權 ( Transferable Development Right, TDR ) 市場之經濟效率與公平性。本文發現當外部性不存在時，TDR政策（限制一個社區或都市之土地總發展權，並按土地面積或素地價值比率分配給地主 ) 之效果爲：1. TDR政策使整體經濟效率下降，但使地主間利得 ( Development Gain ) 分配較公平；2．TDR政策與分區管制政策 ( Zoning Policy ) 之經濟效率水準相等，但TDR政策之公平性較高。其次，當外部性（如擁擠或居住密度外部性）存在時，1．在一個社區同時實施TDR政策與分區管制，其所能達成之經濟效率水準與單獨實施分區管制時之水準相同，但其公平性則提高； 2．在一個都市實施TDR政策可同時提高經濟效率與土地開發利得分配之公平性。

This paper incorporates a TDR policy into an open community and an open city, respectively. A TDR policy is defined as: set the total permissible development rights (DRs) in terms of floor areas, and then distribute the DRs among landowners in an equitable manner. It is shown that for either an open community or an open city in the absence of externality, the implementation of the TDR policy can achieve a more equitable distribution of development gains among landowners only at the expence of economic efficiency. Furthermore, for an open community or an open city with crowding externality, the implementation of the TDR policy improves both efficiency and equity.