Precise computation of a competitive equilibrium of the discrete land market model |
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Authors: | Mitsunobu Miyake |
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Institution: | Graduate School of Economics and Management, Tohoku University, Sendai 980-8576, Japan |
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Abstract: | This paper provides a finite algorithm to compute a competitive equilibrium of the Alonso-type discrete land market model (known as bid-rent equilibrium) without assuming any condition on the spatial configuration such as monocentricity. The existence of the finite algorithm implies that the discrete land market model is sufficiently tractable for computer simulation analysis (sensitivity analysis) even if the spatial configuration is variable. Specifically, we can evaluate numerically the effects of new routes in a transportation network upon equilibrium rents and commuting mode. |
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Keywords: | Discrete land market model Competitive equilibrium Finite algorithm Recursive method Numerical simulation |
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