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An Agent-Based Model of Residential Choice Dynamics in Nonstationary Housing Markets

Author

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  • Oswald T J Devisch
  • Harry J P Timmermans
  • Theo A Arentze
  • Aloys W J Borger

Abstract

This paper presents an agent-based model developed to simulate residential choice behaviour in a nonstationary housing market. The model is built around the assumption that agents have incomplete and imperfect knowledge, and thus have to base their decisions on beliefs. The aim is to illustrate how the agents deal with the uncertainty inherent in these beliefs, both at the level of a single agent, deciding among a set of successive actions, and at the level of a group of agents, negotiating over the price of a house.

Suggested Citation

  • Oswald T J Devisch & Harry J P Timmermans & Theo A Arentze & Aloys W J Borger, 2009. "An Agent-Based Model of Residential Choice Dynamics in Nonstationary Housing Markets," Environment and Planning A, , vol. 41(8), pages 1997-2013, August.
    • Handle: RePEc:sae:envira:v:41:y:2009:i:8:p:1997-2013
    DOI: 10.1068/a41158
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    References listed on IDEAS

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    1. Arno J. Van Der Vlist & Piet Rietveld & Peter Nijkamp & Arno J. Van Der Vlist & Piet Rietveld & Peter Nijkamp, 2004. "Residential Search and Mobility in a Housing Market Equilibrium Model," Chapters, in: Location, Travel and Information Technology, chapter 3, pages 41-63, Edward Elgar Publishing.
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    Cited by:

    1. Kii, Masanobu & Nakanishi, Hitomi & Nakamura, Kazuki & Doi, Kenji, 2016. "Transportation and spatial development: An overview and a future direction," Transport Policy, Elsevier, vol. 49(C), pages 148-158.
    2. Baptista, Rafa & Farmer, J. Doyne & Hinterschweiger, Marc & Low, Katie & Tang, Daniel & Uluc, Arzu, 2016. "Macroprudential policy in an agent-based model of the UK housing market," Bank of England working papers 619, Bank of England.
    3. Farooq, Bilal & Miller, Eric J. & Chingcuanco, Franco & Giroux-Cook, Martin, 2013. "Microsimulation framework for urban price-taker markets," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 6(1), pages 41-51.

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