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作者

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.75,P.68-79

语言

英文

关键字

H7;R;R1;Land developers;Mixed development;Joint production;Consumption externalities;Efficiency;Equilibrium;Entrepreneurship;Hedonic pricing

作者单位

Department of Economics, Boston College, USA"}]}]}],"floats":[],"footnotes":[],"affiliations":{"aep-affiliation-id4":{"#name":"affiliation","$":{"id":"aep-affiliation-id4;Department of Economics, Boston College, USA"}]}},"attachments":[],"correspondences":{},"scopusAuthorIds":{},"articles":{}},"authorMetadata":[],"banner":{"expanded":false},"biographies":{},"body":{},"browser":{"name":"IE","engine":"Trident

摘要

Housing developments (condos and suburban developments) are not necessarily homogeneous. Developers provide different types of units of various sizes and other characteristics catering to different types of customers. In this paper, we allow joint production and local consumption externalities within each development, and show that land developers who seek a profit-maximizing set of units in developments may provide mixed developments. We show that there exists an equilibrium, and that every equilibrium is Pareto efficient. We provide examples in which mixed developments arise in a long-run equilibrium. We relate this work to a widely used hedonic pricing model by Rosen (1974), and to an equilibrium concept under asymmetric information by Rothschild and Stiglitz (1976).