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Simulating Housing Market Processes at the Micro Level

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Author Info

  • Igal Ayal

    (Tel Aviv University)

  • Donald J. Hempel

    (University of Connecticut)

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    Abstract

    The article describes a simulation of market processes in single-family, owner-occupied housing in a metropolitan market area. The simulation was designed both as a training tool and a decision aid. Model structure is discussed in detail, and data bases for construction are described. The model has substantial face validity (tested with a sizeable number of prominent Realtors), and interesting managerial implications.

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    File URL: http://dx.doi.org/10.1287/mnsc.25.6.565
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 25 (1979)
    Issue (Month): 6 (June)
    Pages: 565-576

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    Handle: RePEc:inm:ormnsc:v:25:y:1979:i:6:p:565-576

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    Related research

    Keywords: market simulations; housing; real estate; urban economics; buyers behavior;

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