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Adjustment Costs and Long Run Spatial Agglomerations

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  • William Brock
  • Anastasios Xepapadeas
  • Athanasios Yannacopoulos

Abstract

We introduce knowledge spillovers as an externality in the production function of competitive ��firms operating in a ��nite spatial domain under adjustment costs. Spillovers are spatial as productive knowledge ��flows more easily among firms located nearby. When knowledge spillovers are not internalized by ��firms spatial agglomerations may emerge endogenously in a competitive equilibrium, however, they do not emerge at the steady state of the social optimum.

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Bibliographic Info

Paper provided by Athens University of Economics and Business in its series DEOS Working Papers with number 1327.

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Handle: RePEc:aue:wpaper:1327

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Keywords: Investment theory; adjustment costs; spatial agglomerations;

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  1. Athanasios Yannacopoulos & Anastasios Xepapadeas & William Brock, . "Optimal Agglomerations in Dynamic Economics," DEOS Working Papers 1217, Athens University of Economics and Business.
  2. Chincarini, Ludwig & Asherie, Neer, 2008. "An analytical model for the formation of economic clusters," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 38(3), pages 252-270, May.
  3. Scheinkman, Jose Alexandre, 1978. "Stability of Separable Hamiltonians and Investment Theory," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 45(3), pages 559-70, October.
  4. Lucas, Robert E, Jr & Prescott, Edward C, 1971. "Investment Under Uncertainty," Econometrica, Econometric Society, Econometric Society, vol. 39(5), pages 659-81, September.
  5. Brock, William A, 1974. "Money and Growth: The Case of Long Run Perfect Foresight," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(3), pages 750-77, October.
  6. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 75, pages 321.
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