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From Stylized to Quantitative Spatial Models of Cities
This paper describes the progression from a standard monocentric model of a city to its analog in the quantitative spatial framework recently reviewed by Redding and Rossi-Hansberg (forthcoming). In this progression, we preserve the basics of preferences, technology, and endowments across models. The monocentric model allows for many of a city's characteristics to be endogenous, including size, population, wages, and commercial and residential land rents, but it is also highly stylized. In contrast, quantitative spatial models impose far fewer restrictions in the way that these variables ...