The paper presents a multiregional endogenous growth model designed for calibration with real world data and for numerical policy evaluation. It integrates four strands of research: (1) the Ramsey model of consumer behaviour, (2) Tobin's q-theory of investment, (3) Romer's theory of endogenous...

We exploit the public good attributes of information and communication technologies (ICTs) and theoretically analyze an aggregate economy of two smart cities in which ICTs are provided in either a decentralized or a centralized manner. We first determine the efficient ICT levels that maximize...

We exploit the public good attributes of information and communication technologies (ICTs) and theoretically analyze an aggregate economy of two smart cities in which ICTs are provided in either a decentralized or a centralized manner. We first determine the efficient ICT levels that maximize...

This paper attempts to achieve three targets: First, to prove that Tiebout's local expenditure theory is wasteful; Second, to show how private firms can efficiently supply public goods; Third, to work out the optimal pricing policy for using public goods. In addition, this paper rejects setting...

The public finance literature tells us that user fees will introduce market-like efficiency to public good provision. Meanwhile, criminal justice scholars note that criminal justice fees have run amok, causing crippling debt, undermining reentry efforts, and raising civil rights and...

Real option theory models real estate development as a developer-controlled exercise of an option to construct the optimal structure at the optimal time. In practice, most projects encounter a highly uncertain entitlement (i.e., regulatory approval) process that is largely uncontrollable by the...

Identifying which areas of a municipality are experiencing redevelopment, zoning changes, land assembly, and land subdivision is of great interest to many real estate professionals. Despite this interest, finding out where this activity is occurring across a large municipality can be quite...

A general equilibrium model with increasing return to labor specialization and economies of transaction agglomeration is developed to address the residential land-rent escalation associated with the urbanization process, which is in turn endogenized as a result of the evolution of the division...

Public goods networks arouse conflict between those who already benefit from the project and those who merely pay its costs. Thus, it may seem that it is difficult for pork-barrel politicians to target these public goods for logrolling with other districts. The purpose of this paper is to show...

Today, the interest in the old industrial complex's regeneration project is heightened. That's because the existing industrial complex leading Korea's growth period has declined by external factor including economic recession and industrial structure change and because the need of regeneration...