effects on home and job location, on land use, and on agglomeration benefits are hard to pin down. We develop a spatial … general equilibrium model for the valuation of these effects. The model is estimated using data on transport infrastructure …

A large body of literature considers the productive advantages of cities, or "agglomeration economies". Most empirical … studies report positive agglomeration economies, although large variation exists in the magnitude of estimates. We use a meta …, we find agglomeration elasticities are likely to lie in the range 2.7-6.4%. Our findings confirm the controls enabled by …

behavioralassumptions: (i) herd behaviour; (ii) a-synchronous updating ofbeliefs; and (iii) heterogeneity in time horizons (memory …,1$) innovations, and predicts a relation between the ARCH and GARCH coefficients. Heterogeneity in memory leads to long …

random utility framework, heterogeneity can be seen to act as a 'natural source of randomness'. Allowing for modeling the …