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Bid rents under unemployment risk: delayed versus timeless uncertainty

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  • ZENOU, Y.
  • EECKHOUDT, L.

Abstract

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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Suggested Citation

  • Zenou, Y. & Eeckhoudt, L., 1997. "Bid rents under unemployment risk: delayed versus timeless uncertainty," LIDAM Reprints CORE 1279, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1279
    DOI: 10.1006/juec.1996.2011
    Note: In : Journal of Urban Economics, 42, 42--63, 1997
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    File URL: http://dx.doi.org/10.1006/juec.1996.2011
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    References listed on IDEAS

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    1. 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.
    2. Ioannides, Yannis M., 1983. "Location decisions under uncertainty and the urban model," Economics Letters, Elsevier, vol. 11(3), pages 291-295.
    3. 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.
    4. 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.
    5. Zenou, Yves & Smith, Tony E., 1995. "Efficiency wages, involuntary unemployment and urban spatial structure," Regional Science and Urban Economics, Elsevier, vol. 25(4), pages 547-573, August.
    6. Hayne E. Leland, 1968. "Saving and Uncertainty: The Precautionary Demand for Saving," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 82(3), pages 465-473.
    7. Dreze, Jacques H. & Modigliani, Franco, 1972. "Consumption decisions under uncertainty," Journal of Economic Theory, Elsevier, vol. 5(3), pages 308-335, December.
    8. Wheaton, William C., 1974. "A comparative static analysis of urban spatial structure," Journal of Economic Theory, Elsevier, vol. 9(2), pages 223-237, October.
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    Cited by:

    1. Zenou, Yves, 2003. "Efficiency Wages, Urban Unemployment and Housing Consumption," Working Paper Series 606, Research Institute of Industrial Economics.
    2. Yves Zenou, 1996. "Marché du travail et économie urbaine. Essai d'intégration," Revue Économique, Programme National Persée, vol. 47(2), pages 263-288.

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    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns

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