Supply and Equilibrium in an Economy with Land and Production

Marcus Berliant and Hou-Wen Jeng

International Economic Review, 1990, vol. 31, issue 4, 799-828

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.

Date: 1990
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