Abstract
This paper extends the standard model of urban land rent to consider the impact of the output of public programs on the spatial equilibrium and to analyze the accuracy of changes of urban land values as a measure of social benefits from public investment. Two consistent output indicators of public investment are advanced: the individual's welfare and total land values. The general results of the comparative analysis are that there is a lack of correspondence between both output indicators, and that changes in land values are, in general, not an accurate measure of the benefits of such programs.
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