Economics at your fingertips  


Marcus Berliant () and Thijs ten Raa ()

International Economic Review, 2007, vol. 48, issue 1, 235-246

Abstract: Conventional wisdom tells us that with no market failure and local nonsatiation of preferences, the core is at least as large as the collection of competitive equilibrium allocations. We confirm this for a standard model featuring private ownership of land. Next we consider the public land ownership version of the model. If the role of land ownership and rent distribution is assumed by a government that ploughs back rent (at least in excess of its agricultural value) to its citizens, the equilibrium allocation remains efficient, but no longer need be in the core. Copyright 2007 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

Date: 2007
References: Add references at CitEc
Citations View citations in EconPapers (4) Track citations by RSS feed

Downloads: (external link) link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Equilibrium and the Core in Alonso's Discrete Population Model of Land Use (2005) Downloads
Working Paper: Equilibrium and the Core in Alonso's Discrete Population Model of Land Use (2004) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0020-6598

Access Statistics for this article

International Economic Review is currently edited by Harold L. Cole

More articles in International Economic Review from Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297. Contact information at EDIRC.
Bibliographic data for series maintained by Wiley-Blackwell Digital Licensing ().

Page updated 2018-11-10
Handle: RePEc:ier:iecrev:v:48:y:2007:i:1:p:235-246