econ 155 mt 1 slides

8/21/2019 Econ 155 Mt 1 Slides

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Econ 155Urban Economics

Lecture 2

9/9/13


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Why do cities exist?

Natural advantages

Trade / transport costs

Increasing returns / economies of scale Spillovers


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Baseline Case: Backyard

Economy

No differences in productivity for labor or

land

Constant returns to scale in exchange

Constant returns to scale in production


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Backyard equilibrium

No Trade

No productivity benefit from specialization and

exchange

Exchange is costly (time) without any benefit

No Cities

Dense living is costly (bid up price of land) withoutany benefit

Result: Uniform price of land and population density


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Trading Cities

Drop assumption of equal productivity

Differences in productivity generate

comparative advantage


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Gross gain from trade = 2 shirts for each

region

Net gain = gross gain - transaction time (t)

North: If t < 20 min (time for 2 shirts), net gain > 0

South: If t < 2 hr (time for 2 shirts), net gain > 0

Computing the Net Gain From

Trade


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In absence of scale economies, households

will trade directly

Scale economies in exchange: lower cost fora trading firm

Trade workers live close to firms and bid up

land price

Higher price of land increases density,

generating a trading city

Scale Economies in Exchange


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Trading Cities in Antiquity

Trade was risky

Firms in trading cities provided: insurance,

credit, banking, and legal services.

Classic trading cities:

Athens

Byzantium/Constantinople/Istanbul

Aleppo (Syria)


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Cotton gin and cotton-trade cities

Transport technology: turnpikes, canals,

steamship, railroad

Trading Cities in American History


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Bleakley and Lin (2011) Portage and Path Dependence


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Drop assumption of constant returns to scale

in production

Productivity Numbers

Home = 1 shirt per hour

Factory = 6 shirts per hour

Home or factory: 1 loaf of bread per hour

Factory Town


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Equilibrium

Workers indifferent between home

production and working in urban factory

Suppose urban cost of living is 50% higher

Then urban wage must be 50% higher

City worker will pay one half loaf for land,

leaving 1 loaf for consumption (same as w/home production)


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The price of shirts at the factory is the unit cost of 1/3 loaf = 4/12 loaf


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The net price of a factory shirt is the factory price (4/12 loaf) plustransport cost (1/12 loaf pr mile)


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F t T D l A d


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Workers live close to factory to economize

on commuting time

Competition for land bids up its price

Higher price of land increases density,

generating a city

Factory workers paid 1/2 loaf per hour to cover

higher cost of living

Factory Town Develops Around

the Factory


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Competition generates zero economic profit

Firms enter the shirt market until each makes

zero economic profit

Factory Towns in the Region


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Factory Towns in the Region

Factories span the region

Every location lies within market area of a

factory

Complete labor specialization, with rural

bread and urban shirts

Zero economic profit for firms & locationalindifference for workers


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Locational indifference in rural areas

Lower travel cost at locations close to factory

city

Rural households bid up the price of land near

cities

Locational indifference between rural andurban areas

Factory wage compensates for higher land

prices in cities

Land Rent in the Region


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Market-oriented firm: More costly to

transport output than inputs

Shirt example: assume input transport cost= 0

Firms oriented toward markets to

economize on output transport cost

Weight gaining activity: beverages produced

from local water & syrup

Fragility gaining: Fresh food

Location Orientation:

Market Orientation

O


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More costly to transport inputs than output

Firms oriented toward inputs to economize

on input transport cost Weight losing activity: produce sugar from

beets, lumber from logs

Fragility losing: Canned or frozen food

Hazard losing: deodorizing skunks

Location Orientation:

Material Orientation

S f T f S B


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Weight losing industry (only 15% sugar)

Scale economies in processing, so number

of plants is relatively small

Farmers sell beets to processing plant

offering highest net price

Entry and competition generates zero profit

System of Towns for Sugar-Beet

Processing


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Oth E l f M t i l


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Steel towns: near coal, then ore

Leather towns near forest for tannin

Lumber towns near forests

Other Examples of Materials-

Oriented Industries

M T f O i t d


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Transport cost is dominant location factor

Procurement cost: Raw materials from input

source to production facility

Distribution cost: Output from production site to

market

Issue: Where will a transfer-oriented firmlocate?

More on Transfer-Oriented

Firms


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Single transferable output

Single transferable input; other inputs are

ubiquitousFixed factor proportions

Fixed prices of inputs & outputs

Assumptions of Classic Model

T f O i t d Fi


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Total revenue is the same at all locations

Input costs are the same at all locations

Minimize Procurement cost + Distributioncost

PC = wi* ti * x

DC = wo* to*(xM- x)

Transfer-Oriented Firm

Minimizes Transport Costs


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Cost of transporting inputs large relative to

cost of transporting outputs

ExamplesWeight losing: Baseball bats

Inputs are perishable: canning

Inputs are bulky, fragile, or hazardous

Resource-Oriented Firms


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I d t i L ti Cl t


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Soybean and vegetable oil: Nebraska, North

Dakota, South Dakota

Mile and cheese: South Dakota, Nebraska,Montana

Sawmills: Arkansas, Montana, Idaho

Industries Locating Close to

Transportable Inputs


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Cost of transporting outputs large relative to

cost of transporting inputs

ExamplesWeight gaining: Bottling firm

Bulky output: Automobile assembly

Perishable output: Bakery

Hazardous output: weapons

Market-Oriented Firms


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Principle of Median Location

Transport costs minimized at the median location

Median: separates destinations into two equal

halves


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econ 155 mt 1 slides

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