(2008)), we show the existence of a density externality in a urban search model with high reallocation costs \'a la Zenou … (2009). In presence of this density externality, we demonstrate that the land market equilibrium leads to an endogenous city …

(2008)), we show the existence of a density externality in a urban search model with high reallocation costs \`a la Zenou … (2009). In presence of this density externality, we demonstrate that the land market equilibrium leads to an endogenous city …