A DYNAMIC MILLS HERITAGE MODEL WITH REPLACEABLE CAPITAL

James Elliott Moore and Lyna L. Wiggins

Papers in Regional Science, 1990, vol. 68, issue 1, 23-41

Abstract: ABSTRACT A general equilibrium, linear programming model of urban land use formulated in the heritage of Edwin Mills is reformulated for dynamic solution. This multiperiod extension identities discontinuous land use as an optimal market strategy under reasonably general conditions of economic change. Information about future economic conditions is assumed to he complete, and capital is assumed to be replaceable at finite cost. As a result, land uses and export mixes adjust over time in response to exogenous shifts in export prices. It is noted that discontinuous land uses can constitute long‐run outcomes, and a distinction is drawn between the assumptions associated with static and long‐run perspectives.

Date: 1990
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https://doi.org/10.1111/j.1435-5597.1990.tb01191.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:presci:v:68:y:1990:i:1:p:23-41

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