Property Value Maximization and Public Sector Efficiency
نویسندگان
چکیده
This paper analyses the efficrency imphcations of property value maxtmizatron Commumties are open, so that utilities are parametric to housing producers and the local government. Each local government chooses its public good output to max. mire aggregate property value in the commumty, ignoring feedback effects on the composition of the housing stock. It is shown that this type of government behavior generates an equilibrium in which all communities are internally Pareto-efficient.
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تاریخ انتشار 2003