Optimal City Hierarchy: A Dynamic Programming Approach to Central Place Theory

Wen-Tai Hsu and Thomas J. Holmes
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Wen-Tai Hsu: Chinese University of Hong Kong
Thomas J. Holmes: University of Minnesota

No 342, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: It is an empirically plausible description of cities and is route to explain empirical regularities in city size distribution and industrial locations. This paper formalizes central place hierarchy by providing a rationale for it via a social planner's problem. The optimal city hierarchy is then compared with the equilibrium city hierarchy in Hsu (2008).

Date: 2009
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