Bid rents under unemployment risk: Delayed versus timeless uncertainty

Zenou, Y.;Eeckhoudt, Louis
(1997) Journal of Urban Economics — Vol. 42, n° 1, p. 42-63 (1997)

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  • Zenou, Y.
    Author
  • Eeckhoudt, LouisUCLouvain
    Author
Abstract
In this paper, we analyze the impact of uncertainty on the level and properties of the: bid rent function. We show that these properties strongly depend upon the vr;ay in which uncertainty is introduced into the model (delayed versus timeless uncertainty). We also investigate the implication of income uncertainty for the city equilibrium. We show that under timeless uncertainty. a more generous unemployment benefits program may be in the long run welfare reducing in an urban setting. (C) 1997 Academic Press.
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Zenou, Y., & Eeckhoudt, L. (1997). Bid rents under unemployment risk: Delayed versus timeless uncertainty. Journal of Urban Economics, 42(1), 42-63. https://doi.org/10.1006/juec.1996.2011 (Original work published 1997)