Property value maximization and public sector efficiency |
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Authors: | Jan K Brueckner |
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Institution: | Department of Economics, University of Illinois, Urbana, Illinois 61801 U.S.A. |
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Abstract: | This paper analyses the efficiency implications of property value maximization. Communities are open, so that utilities are parametric to housing producers and the local government. Each local government chooses its public good output to maximize aggregate property value in the community, ignoring feedback effects on the composition of the housing stock. It is shown that this type of government behavior generates an equilibrium in which all communities are internally Pareto-efficient. |
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