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Supply and Equilibrium in an Economy with Land and Production

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  • Berliant, Marcus
  • Jeng, Hou-Wen

Abstract

A model with a finite number of consumers trading in land that can be changed through production is examined. Unlike most other models in urban economics, land is modeled as measurable subsets of a compact set. Formally, there are three major results. Conditions are found under which a solution to the producer's profit maximization problem exists. Secondly, conditions are found under which a solution to the consumer's problem exists. The assumptions used to prove these two results are standard. Finally, the existence of an equilibrium is demonstrated. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Berliant, Marcus & Jeng, Hou-Wen, 1990. "Supply and Equilibrium in an Economy with Land and Production," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(4), pages 799-828, November.
    • Handle: RePEc:ier:iecrev:v:31:y:1990:i:4:p:799-828
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    Cited by:

    1. Marcus Berliant & Yves Zenou, 2014. "Labor Differentiation and Agglomeration in General Equilibrium," International Regional Science Review, , vol. 37(1), pages 36-65, January.
    2. Berliant, Marcus & Dunz, Karl, 2004. "A foundation of location theory: existence of equilibrium, the welfare theorems, and core," Journal of Mathematical Economics, Elsevier, vol. 40(5), pages 593-618, August.

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