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Using a Local Public Good to Attract Representative Creative Class Members: The Inefficient Equilibrium Case

Authors
유승직Amitrajeet Batabyal
Issue Date
Feb-2020
Publisher
Scientific Research
Citation
Theoretical Economics Letters, v.10, no.1, pp 40 - 46
Pages
7
Journal Title
Theoretical Economics Letters
Volume
10
Number
1
Start Page
40
End Page
46
URI
https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/146198
DOI
10.4236/tel.2020.101003
ISSN
2162-2078
2162-2086
Abstract
Batabyal and Beladi [1] have recently analyzed a model of competition between two cities that use a local public good (LPG) to attract members of the creative class. The creative class consists of artists and engineers and they study the behavior of a representative artist and an engineer. In this note, we explore three implications of the use of this “representative artist and engineer” modeling strategy. First, we show that the use of such a strategy can lead one to study an inefficient equilibrium in the aggregate economy. Second, we point out that in this inefficient equilibrium, the beliefs of the representative artist and the engineer are inconsistent. Finally, we contend that if we depart from the “representative artist and engineer” construct and focus instead on the entire creative class population which we model as a continuum, then the inefficient equilibrium mentioned above can be turned into an efficient equilibrium.
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