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Urban Systems: Market and Efficiency

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  • David Pines
  • Jacques François Thisse

Abstract

The supply of local public goods would obey principles that are not fundamentally different from those governing the efficient supply of differentiated goods. All these results rest on the assumption of an efficient land market. This suggests that the problem of land property rights should receive more attention than it does nowadays. However, the conditions for a competitive market for cities to work might be hard to achieve. First, the instrument menu available to developers is likely to be constrained. Second, nonreplicability and indivisibility may give rise to additional difficulties. In either case, the market would fail to sustain the optimum for reasons which are not always well understood.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • David Pines & Jacques François Thisse, 2001. "Urban Systems: Market and Efficiency," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 3(1), pages 7-14, January.
    • Handle: RePEc:bla:jpbect:v:3:y:2001:i:1:p:7-14
    DOI: 10.1111/1097-3923.00052
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    Cited by:

    1. Hadar, Yossi & Pines, David, 2004. "Population growth and its distribution between cities: positive and normative aspects," Regional Science and Urban Economics, Elsevier, vol. 34(2), pages 125-154, March.
    2. Ricardo Ruiz & Bernardo Alves Furtado, 2007. "An Agent Based Model for Urban Structure: the case of Belo Horizonte - Brazil," EcoMod2007 23900079, EcoMod.
    3. Bernardo Alves Furtado & Ricardo Machado Ruiz, 2006. "Metrópole Fractal: Um Modelo Com Autômatos Celulares Para Análise Do Espaço Urbano," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 73, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    4. Yossi Hadar & David Pines, 2003. "On the Market Failure in a Dixit‐Stiglitz Setup with Two Trading Cities," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 5(4), pages 549-570, October.

    More about this item

    JEL classification:

    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General
    • H1 - Public Economics - - Structure and Scope of Government
    • H7 - Public Economics - - State and Local Government; Intergovernmental Relations

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