A Modular Approach for ABM/LMM Models: Specification of Reusable Building Blocks Centred on the Economic Concepts of WTA and WTP

Agent-Based Models focusing on land markets provide a computational framework to simulate socio-economic dynamics in land and real-estate markets. In this paper, we introduce the 5-Step Simulation Iterative Modelling Process method, an iterative, five-step modelling and simulation decomposition approach specifically designed to structure the development of Agent-Based Land Market Models. We describe how implementing reusable building blocks-conceptual, computational, and executable-enhances modularity and fosters reusability of both theoretical concepts and software code. An illustrative example, applied to land and real-estate markets in Corsica, concretely demonstrates the application of the method and the creation of these reusable components. The integration of the economic concepts of Willingness To Accept and Willingness To Pay into the design of an Agent-Based Land Market Model exemplifies how these building blocks contribute to market dynamics formation. Finally, we highlight the potential of this approach to strengthen computational simulation, support socio-economic analysis, and promote sustainable land management.