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Agent-Based Simulation of the Search Behavior in China's Resale Housing Market: Evidence from Beijing

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  • Hong Zhang
  • Yang Li

Abstract

In the paradigm of the search theory, we established the search model applicable to the characteristics of China's resale housing market, by modeling the search behavior for buyer and seller, respectively. Setting the parameters based on the Beijing housing market survey in August 2012, we implemented agent-based simulation to study the dynamics of the search behavior measured by search intensity and search time. Sensitivity test was also used to analyze the determinants of the search behavior for trading agents. The simulation results validate the idiosyncratic feature of the agent's search behavior, which is consistent with theoretical analysis. The increase of matching efficiency promotes the agents' search intensities, but the higher unit search cost can reduce the agents' search intensities. The buyer's search behavior is more sensitive to the change in the market tightness ratio. Brokerage service lowers the transaction price and lessens the agents' search intensities. Sensitivity test further reveals that, the matching efficiency and the market tightness ratio play very important role in improving housing market liquidity. The changes in the search cost and the broker commission rate can reduce the agents' search intensities significantly and there are critical turning points at which the abrupt change occurs.

Suggested Citation

  • Hong Zhang & Yang Li, 2014. "Agent-Based Simulation of the Search Behavior in China's Resale Housing Market: Evidence from Beijing," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 17(1), pages 1-18.
    • Handle: RePEc:jas:jasssj:2013-37-2
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    Cited by:

    1. Wozniak, Marcin, 2016. "Job placement agencies in an agent-based model of the local labor market with the long-term unemployed and on-the-job flows," Economics Discussion Papers 2016-24, Kiel Institute for the World Economy (IfW Kiel).

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