Bid Rents under Unemployment Risk : Delayed versus Timeless Uncertainty
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.
|Date of creation:||01 Oct 1995|
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- ZENOU, Yves & SMITH, Tony E., 1994.
"Efficiency Wages, Involuntary Unemployment and Urban Spatial Structure,"
CORE Discussion Papers
1994076, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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- 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.
- DREZE, Jacques H. & MODIGLIANI, Franco, .
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CORE Discussion Papers RP
119, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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