A characterization of the demand for land |
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Authors: | Marcus Berliant |
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Affiliation: | Department of Economics, University of Rochester, Rochester, New York 14627 USA |
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Abstract: | In a model of an economy where land is modelled explicitly as heterogeneous subsets of the plane and utility takes an integral form, demand can be characterized as a specific map from endowments and prices into subsets of the plane. A modified form of the Neyman-Pearson lemma is used to obtain this result, the modification being necessary because the analog of randomized tests must be excluded from this model. |
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