A dynamic Mills heritage model with replaceable capital

James Elliott Moore; Lyna L. Wiggins

doi:10.1007/BF01933905

A dynamic Mills heritage model with replaceable capital

James Elliott Moore, Lyna L. Wiggins

Research output: Contribution to journal › Article › peer-review

4 Scopus citations

Abstract

A general equilibrium, linear programming model of urban land use formulated in the heritage of Edwin Mills is reformulated for dynamic solution. This multiperiod extension identifies discontinuous land use as an optimal market strategy under reasonably general conditions of economic change. Information about future economic conditions is assumed to be complete, and capital is assumed to be replaceable at finite cost. As a result, land uses and export mixes adjust over time in response to exogenous shifts in export prices. It is noted that discontinuous land uses can constitute long-run outcomes, and a distinction is drawn between the assumptions associated with static and long-run perspectives.

Original language	English (US)
Pages (from-to)	23-41
Number of pages	19
Journal	Papers of the Regional Science Association
Volume	68
Issue number	1
DOIs	https://doi.org/10.1007/BF01933905
State	Published - Dec 1990
Externally published	Yes

All Science Journal Classification (ASJC) codes

Geography, Planning and Development
Environmental Science (miscellaneous)

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10.1007/BF01933905

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AB - A general equilibrium, linear programming model of urban land use formulated in the heritage of Edwin Mills is reformulated for dynamic solution. This multiperiod extension identifies discontinuous land use as an optimal market strategy under reasonably general conditions of economic change. Information about future economic conditions is assumed to be complete, and capital is assumed to be replaceable at finite cost. As a result, land uses and export mixes adjust over time in response to exogenous shifts in export prices. It is noted that discontinuous land uses can constitute long-run outcomes, and a distinction is drawn between the assumptions associated with static and long-run perspectives.

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A dynamic Mills heritage model with replaceable capital

Abstract

All Science Journal Classification (ASJC) codes

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