Equilibrium And The Core In Alonso'S Discrete Population Model Of Land Use
Conventional wisdom tells us that with no market failure and local nonsatiation of preferences, the core is at least as large as the collection of competitive equilibrium allocations. We confirm this for a standard model featuring private ownership of land. Next we consider the public land ownership version of the model. If the role of land ownership and rent distribution is assumed by a government that ploughs back rent (at least in excess of its agricultural value) to its citizens, the equilibrium allocation remains efficient, but no longer need be in the core. Copyright 2007 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.
Volume (Year): 48 (2007)
Issue (Month): 1 (02)
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- Berliant, Marcus & Papageorgiou, Yorgos Y. & Wang, Ping, 1990. "On welfare theory and urban economics," Regional Science and Urban Economics, Elsevier, vol. 20(2), pages 245-261, September.
- Fujita,Masahisa, 1991.
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Cambridge University Press, number 9780521396455, June.
- Berliant, Marcus & Fujita, Masahisa, 1992.
"Alonso's Discrete Population Model of Land Use: Efficient Allocations and Competitive Equilibria,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 33(3), pages 535-66, August.
- Berliant, M. & Fujita, M., 1990. "Alonso'S Discrete Population Model Of Land Use: Efficient Allocations And Competitive Equilibria," RCER Working Papers 217, University of Rochester - Center for Economic Research (RCER).
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