A rational expectations equilibrium model of urban growth and land markets |
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| Authors: | Masahisa Fujita |
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| Affiliation: | (1) Department of Regional Science, University of Pennsylvania, 19104 Philadelphia, PA, USA |
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| Abstract: | This paper presents a simple model of urban spatial growth under uncertainty with an infinite time horizon. The rational expectations equilibrium path (REE path) of the urban land market is obtained in explicit form as a function of exogenously given stochastic processes of future population, transport and household income in the city. Spatial and temporal characteristics of asset prices along the REE path are examined in detail. |
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| Keywords: | Land market uncertainty rational expectations urban growth |
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