A Rational Expectations Equilibrium Model of Urban Growth and Land Markets

Masahisa Fujita

The Journal of Real Estate Finance and Economics, 1991, vol. 4, issue 2, 225-65

Abstract: This paper presents a simple model of urban spatial growth under uncertainty with an infinite time horizon. The rational expectations equilibrium path (REE path) of the urban land market is obtained in explicit form as a function of exogenously given stochastic processes of future population, transport, and household income in the city. Spatial and temporal characteristics of asset prices along the REE path are examined in detail. Copyright 1991 by Kluwer Academic Publishers

Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:kap:jrefec:v:4:y:1991:i:2:p:225-65

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