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Bid Rents under Unemployment Risk: Delayed versus Timeless Uncertainty

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  • Zenou, Yves
  • Eeckhoudt, Louis

Abstract

In this paper, we analyze the impact of uncertainty on the level and properties of the bid rent function. We show that these properties strongly depend upon the way in which uncertainty is introduced into the model (delayed versus timeless uncertainty). We also investigate the implication of income uncertainty for the city equilibrium.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Urban Economics.

Volume (Year): 42 (1997)
Issue (Month): 1 (July)
Pages: 42-63

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Handle: RePEc:eee:juecon:v:42:y:1997:i:1:p:42-63

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Web page: http://www.elsevier.com/locate/inca/622905

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References

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  1. Zenou, Yves & Smith, Tony E., 1995. "Efficiency wages, involuntary unemployment and urban spatial structure," Regional Science and Urban Economics, Elsevier, vol. 25(4), pages 547-573, August.
  2. Ioannides, Yannis M., 1983. "Location decisions under uncertainty and the urban model," Economics Letters, Elsevier, vol. 11(3), pages 291-295.
  3. Papageorgiou, Yorgos Y. & Pines, David, 1985. "The impact of transportation cost uncertainty on urban structure," Regional Science and Urban Economics, Elsevier, vol. 18(2), pages 247-260, May.
  4. Wheaton, William C., 1974. "A comparative static analysis of urban spatial structure," Journal of Economic Theory, Elsevier, vol. 9(2), pages 223-237, October.
  5. DREZE, Jacques H. & MODIGLIANI, Franco, . "Cosumption decisions under uncertainty," CORE Discussion Papers RP -119, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March.
  7. DeSalvo, Joseph S. & Eeckhoudt, Louis R., 1982. "Household behavior under income uncertainty in a monocentric urban area," Journal of Urban Economics, Elsevier, vol. 11(1), pages 98-111, January.
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Cited by:
  1. Zenou, Yves, 2003. "Efficiency Wages, Urban Unemployment and Housing Consumption," CEPR Discussion Papers 4153, C.E.P.R. Discussion Papers.

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