Journal article
On welfare theory and urban economics
Abstract
This paper examines the welfare theorems in the context of urban economics. The standard model of urban economics, which involves a continuum of agents located in a continuous space, is first described. Next, examples are given where both potential theorems fail for variants of the standard model in which preferences depend explicitly on location. Namely, we point out that a Pareto-optimum may not be an equilibrium even though preferences are …
Authors
Berliant M; Papageorgiou YY; Wang P
Journal
Regional Science and Urban Economics, Vol. 20, No. 2, pp. 245–261
Publisher
Elsevier
Publication Date
9 1990
DOI
10.1016/0166-0462(90)90007-p
ISSN
0166-0462