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Simulating transaction networks in housing markets

Author

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  • Leslie Rosenthal

    (Department of Economics, University of Keele, Keele, Staffs ST5 5BG, UK)

Abstract

Linked networks of transactors attempting to complete both the buying and selling of properties, often termed "housing chains", are conspicuous features within owner-occupied housing markets, often seen as a cause of severe delay to transaction completion. This paper introduces a bounded or limited rationality-based model of housing market transactions and examines the properties and predictions of the resultant system. Agent-based simulation is able to reproduce: a) the existence of chains of buyers and sellers observed in the housing market; b) the delays to transaction completion often noted; and c) the empirical observation that housing price series for first-time buyers and for new or vacant housing serially leads the series for existing, current owner-occupiers.

Suggested Citation

  • Leslie Rosenthal, 2000. "Simulating transaction networks in housing markets," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 3(01n04), pages 371-384.
    • Handle: RePEc:wsi:acsxxx:v:03:y:2000:i:01n04:n:s0219525900000261
    DOI: 10.1142/S0219525900000261
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