## Discussion papers: Economic theory and econometrics |

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allocated annular ring Appendix C continued arbitrary constant assumed budget constraint capital land ratio capital/land ratio city centre composite land value constant elasticity formulations constant elasticity land constant of integration consumers and producers decline decreased demand for transport determined discrete distance E.S. Mills elasticity form elasticity land value elasticity of distance empirical equal zero equation expenditure on housing expenditure on transportation following must hold function of distance Furthermore heterogeneous consumers housing and transportation increase indicates the partial individual infinite series inputs land value profile linear log log-log locational equilibrium log log-log linear log-log linear log marginal utility maximum model presented Muth negative exponential function negative power functions neighbourhood non-transport land area number of journeys opportunity cost partial derivative perimeter Pk Pw price of housing production function purchase rearranging residential second order conditions substituting supply total differential unit of land unity University of Birmingham urban land width dv