Land Rents and Competitive Equilibrium

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Land Rents and Competitive Equilibrium

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Martin E. Diedrich

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Martin Diedrich

Abstract

We study the technological pre-conditions for competitive equilibrium in a multisectoral economy where"land" is an essential imput. Earlier results by Bidard and Salvadori require either very low interest rates or are unable to predict the type of final demand vectors that can be supported by an equilibrium. We extend these earlier results and show that a given level and structure of final demand can be supported by equilibrium prices if there is a sufficiently strong substitution potential between labour and land inputs. Our proof is constructive: the equilibria we discuss can be computed by the Lemke Complementary Pivoting Algorithm.

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Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2001 with number 272.

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Date of creation: 01 Apr 2001
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Handle: RePEc:sce:scecf1:272

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Paper
- Martin Diedrich, 2000. "Land Rents and Competitive Equilibrium," Keele Department of Economics Discussion Papers (1995-2001) 2000/19, Department of Economics, Keele University, revised Mar 2001. [Downloadable!]

Find related papers by JEL classification:
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Kurz, Mordecai, 1969. "Tightness and substitution in the theory of capital," Journal of Economic Theory, Elsevier, vol. 1(3), pages 244-272, October. [Downloadable!] (restricted)
Dantzig, George B. & Manne, Alan S., 1974. "A complementarity algorithm for an optimal capital path with invariant proportions," Journal of Economic Theory, Elsevier, vol. 9(3), pages 312-323, November. [Downloadable!] (restricted)
Bidard, Christian, 1990. "An Algorithmic Theory of the Choice of Techniques," Econometrica, Econometric Society, vol. 58(4), pages 839-59, July. [Downloadable!] (restricted)
Bidard, Christian & Erreygers, Guido, 1998. "The Adjustment Property," Economic Systems Research, Taylor and Francis Journals, vol. 10(1), pages 3-17, March.
Salvadori, Neri, 1986. "Land and Choice of Techniques within the Sraffa Framework," Australian Economic Papers, Blackwell Publishing, vol. 25(46), pages 94-105, June.

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