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Mobility and Capitalization in Local Public Finance: A Reassessment

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  • David A. Starrett

Abstract

May 9, 1997 We examine models of local public finance in which separated communities offer different development packages and agents choose among these. We challenge the prevailing view that mobility of agents imposes the correct development incentives on communities through effects on land values. We develop an alternative theory of migration incentives and show that it generates an incentive to overdevelop in that it leads to communities that are too congested relative to a first best ideal

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  • David A. Starrett, 1997. "Mobility and Capitalization in Local Public Finance: A Reassessment," Working Papers 97006, Stanford University, Department of Economics.
  • Handle: RePEc:wop:stanec:97006
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    File URL: http://www-econ.stanford.edu/faculty/workp/swp97006.pdf
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    References listed on IDEAS

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    1. Solow, Robert M. & Vickrey, William S., 1971. "Land use in a long narrow city," Journal of Economic Theory, Elsevier, vol. 3(4), pages 430-447, December.
    2. Russell Cooper & Andrew John, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, Oxford University Press, vol. 103(3), pages 441-463.
    3. Bewley, Truman F, 1981. "A Critique of Tiebout's Theory of Local Public Expenditures," Econometrica, Econometric Society, vol. 49(3), pages 713-740, May.
    4. Starrett, David A, 1981. "Land Value Capitalization in Local Public Finance," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 306-327, April.
    5. Kanemoto, Yoshitsugu, 1980. "Theories of urban externalities," MPRA Paper 24614, University Library of Munich, Germany.
    6. Berglas, Eitan, 1976. "Distribution of tastes and skills and the provision of local public goods," Journal of Public Economics, Elsevier, vol. 6(4), pages 409-423, November.
    7. Johansson,Per-Olov, 1987. "The Economic Theory and Measurement of Environmental Benefits," Cambridge Books, Cambridge University Press, number 9780521348102.
    8. Johansson, Per-Olov, 1990. "Valuing Environmental Damage," Oxford Review of Economic Policy, Oxford University Press, vol. 6(1), pages 34-50, Spring.
    9. Starrett, David A., 1974. "Principles of optimal location in a large homogeneous area," Journal of Economic Theory, Elsevier, vol. 9(4), pages 418-448, December.
    10. Wilson, John Douglas, 1987. "Trade in a Tiebout Economy," American Economic Review, American Economic Association, vol. 77(3), pages 431-441, June.
    11. Mitchell Polinsky, A. & Shavell, Steven, 1976. "Amenities and property values in a model of an urban area," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 119-129.
    12. Arnott, Richard, 1979. "Optimal city size in a spatial economy," Journal of Urban Economics, Elsevier, vol. 6(1), pages 65-89, January.
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