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Optimum vs. Equilibrium Land Use Pattern and Congestion Toll

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  • Yitzhak Oron
  • David Pines
  • Eytan Sheshinski

Abstract

This paper presents a comparison between optimum and competitive land use patterns within an urban area. The concept of equilibrium in this paper pertains to five sectors: households, housing producers, composite commodity producers, land transactors and transportation authority. The concept of optimum referred to in this paper is the maximum utility level which can be realized provided that equals are treated equally. This optimum allocation can be supported by a competitive price system if a warranted congestion toll is collected by the transportation authority and redistributed as a lump sum subsidy. If less than the warranted congestion toll is collected, the resulting competitive allocation is distorted and then the competitive city tends to be more suburbanized than the optimum city.

Suggested Citation

  • Yitzhak Oron & David Pines & Eytan Sheshinski, 1973. "Optimum vs. Equilibrium Land Use Pattern and Congestion Toll," Bell Journal of Economics, The RAND Corporation, vol. 4(2), pages 619-636, Autumn.
  • Handle: RePEc:rje:bellje:v:4:y:1973:i:autumn:p:619-636
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    References listed on IDEAS

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    1. Westfield, Fred M, 1971. "Methodology of Evaluating Economic Regulation," American Economic Review, American Economic Association, vol. 61(2), pages 211-217, May.
    2. MacAvoy, Paul W, 1971. "The Regulation-Induced Shortage of Natural Gas," Journal of Law and Economics, University of Chicago Press, vol. 14(1), pages 167-199, April.
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    Cited by:

    1. Voith, Richard, 1998. "Parking, Transit, and Employment in a Central Business District," Journal of Urban Economics, Elsevier, vol. 44(1), pages 43-58, July.
    2. Kanemoto, Yoshitsugu, 1980. "Theories of urban externalities," MPRA Paper 24614, University Library of Munich, Germany.
    3. Hirte, Georg & Rhee, Hyok-Joo, 2016. "Regulation versus Taxation," CEPIE Working Papers 05/16, Technische Universit├Ąt Dresden, Center of Public and International Economics (CEPIE).
    4. Verhoef, Erik T. & Nijkamp, Peter, 2002. "Externalities in urban sustainability: Environmental versus localization-type agglomeration externalities in a general spatial equilibrium model of a single-sector monocentric industrial city," Ecological Economics, Elsevier, vol. 40(2), pages 157-179, February.
    5. Erik T. Verhoef & Peter Nijkamp, 2000. "Externalities in Urban Sustainability," Tinbergen Institute Discussion Papers 00-077/3, Tinbergen Institute.

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