A theory of the optimal amount of public ownership of land

Bertrand Crettez, Claire Loupias (claire.loupias@univ-evry.fr) and Philippe Michel
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Bertrand Crettez: C.R.E.S.E, Université de Franche-Comté et C. E. M. E, Université de Paris I

No 1997031, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: A major issue in reforming previously planned economies is the creation of assets markets. In this paper, it is argued that the mere characteristics of the assets to be privatized matter. Indeed, private ownership of land. It is the purpose of this paper to provide a theory of such rate. We make use of a two-sectors overlapping generations model economy with land and capital. We find a version of the second welfare theorem : the command optimum can be decentralized using one and only one instrument, i.e. the rate of land publicly held. We call such a rate the optimal rate of public ownership of land.

JEL-codes: D90 H82 O41 Q15 (search for similar items in EconPapers)
Pages: 15
Date: 1997-09-01
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvre:1997031

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