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Bid Rents under Unemployment Risk : Delayed versus Timeless Uncertainty

  • EECKHOUDT, Louis

    (Catholic Faculties of Mons and Lille)

  • ZENOU, Yves

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium and ERMES, Université Panthéon-Assas)

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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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1995055.

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Date of creation: 01 Oct 1995
Date of revision:
Handle: RePEc:cor:louvco:1995055
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  1. Dreze, Jacques H. & Modigliani, Franco, 1972. "Consumption decisions under uncertainty," Journal of Economic Theory, Elsevier, vol. 5(3), pages 308-335, December.
  2. Ioannides, Yannis M., 1983. "Location decisions under uncertainty and the urban model," Economics Letters, Elsevier, vol. 11(3), pages 291-295.
  3. 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.
  4. Zenou, Y. & Smith, T. E., . "Efficiency wages, involuntary unemployment and urban spatial structure," CORE Discussion Papers RP 1171, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Wheaton, William C., 1974. "A comparative static analysis of urban spatial structure," Journal of Economic Theory, Elsevier, vol. 9(2), pages 223-237, October.
  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. 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.
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