Aura, Saku; Brock, William A.; Ni, Shawn X. - In: Journal of government and economics : JGE 9 (2023), pp. 1-8
We solve an optimal land sale problem for a mayor who sells public land and uses the land sale revenue to finance infrastructure. Over an infinite horizon the mayor chooses land sale and infrastructure in each period to maximize the market value of the city net of the spending on infrastructure....
