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

2009 ◽  
Vol 41 (8) ◽  
pp. 1997-2013 ◽  
Author(s):  
Oswald T J Devisch ◽  
Harry J P Timmermans ◽  
Theo A Arentze ◽  
Aloys W J Borger
Keyword(s):  
Housing Market ◽  
Single Agent ◽  
Housing Markets ◽  
Residential Choice ◽  
Agent Based Model ◽  
Choice Behaviour ◽  
Agent Based ◽  
Choice Dynamics ◽  
Imperfect Knowledge

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.

An Agent-Based Model to Forecast the Inflation Rate in the Eurozone

2017 ◽  
pp. 72-92
Author(s):  
Juan Luis Santos ◽  
Jagoda Anna Kaszowska ◽  
Tomás Mancha Navarro
Keyword(s):  
Financial Institutions ◽  
Inflation Rate ◽  
Phillips Curve ◽  
Supply And Demand ◽  
Single Agent ◽  
Market Equilibrium ◽  
Agent Based Model ◽  
Agent Based ◽  
Long Run ◽  
Inflation Rates

The aim of the agent-based model presented in this chapter is to explain the determinants of inflation and to forecast the inflation rate in the Eurozone for the next five years. The behaviors of agents and their expectations are interrelated and explained by macroeconomic models applied to heterogeneous agents of three classes: individuals, companies and financial institutions. In addition, the behavior of public sector and central bank is also modeled with a single agent of each kind. Once the quantitative easing policy is implemented, the quantitative theory of money expects higher inflation rates in the long run. Inflation should remain low taking into account the Phillips-Curve. Last, according to the Aggregated Supply and Demand as well as to the Money Market equilibrium, the behaviors modeled allow forecasting low inflation. However, an external shock, as it would be an increase in the price of important commodities, can alter the inflation rate to a great extent.

Imperfect Knowledge and Stable Governance in Democracies: An Agent-Based Model

2019 ◽  
Vol 73 (3) ◽  
pp. 568-582
Author(s):  
Carlos M. Fernández-Márquez ◽  
Francisco J. Vázquez ◽  
Luis Fernando Medina
Keyword(s):  
Decision Rules ◽  
Strategic Voting ◽  
Agent Based Model ◽  
Government Formation ◽  
Agent Based ◽  
Ideological Position ◽  
Coalition Governments ◽  
Perfect Knowledge ◽  
Imperfect Knowledge ◽  
Aggregate Effect

In this paper, we introduce an agent-based model of elections and government formation where voters do not have perfect knowledge about the parties’ ideological position. Although voters are boundedly rational, they are forward-looking in that they try to assess the likely impact of the different parties over the resulting government. Thus, their decision rules combine sincere and strategic voting: they form preferences about the different parties but deem some of them as inadmissible and try to block them from office. We find that the most stable and durable coalition governments emerge at intermediate levels of informational ambiguity. When voters have very poor information about the parties, their votes are scattered too widely, preventing the emergence of robust majorities. But also, voters with highly precise perceptions about the parties will cluster around tiny electoral niches with a similar aggregate effect.

Macroprudential Policy in an Agent-Based Model of the UK Housing Market

2016 ◽  
Author(s):  
Rafa Baptista ◽  
Marc Hinterschweiger ◽  
Katie Low ◽  
Arzu Uluc
Keyword(s):  
Housing Market ◽  
Agent Based Model ◽  
Macroprudential Policy ◽  
Agent Based ◽  
The Uk

Simulating transaction networks in housing markets

2000 ◽  
Vol 03 (01n04) ◽  
pp. 371-384
Author(s):  
Leslie Rosenthal
Keyword(s):  
Housing Market ◽  
Housing Price ◽  
Housing Markets ◽  
Agent Based Simulation ◽  
Empirical Observation ◽  
Agent Based ◽  
Price Series ◽  
Vacant Housing ◽  
First Time

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.

Exploring sprawl: Results from an economic agent-based model of land and housing markets

2015 ◽  
Vol 113 ◽  
pp. 114-125 ◽  
Author(s):  
Nicholas Magliocca ◽  
Virginia McConnell ◽  
Margaret Walls
Keyword(s):  
Housing Markets ◽  
Economic Agent ◽  
Agent Based Model ◽  
Agent Based

Explaining Sprawl with an Agent-Based Model of Exurban Land and Housing Markets

2012 ◽  
Author(s):  
Nicholas Magliocca ◽  
Virginia McConnell ◽  
Margaret Walls ◽  
Elena Safirova
Keyword(s):  
Housing Markets ◽  
Agent Based Model ◽  
Agent Based

scholarly journals Getting at Systemic Risk via an Agent-Based Model of the Housing Market

2012 ◽  
Vol 102 (3) ◽  
pp. 53-58 ◽  
Author(s):  
John Geanakoplos ◽  
Robert Axtell ◽  
Doyne J Farmer ◽  
Peter Howitt ◽  
Benjamin Conlee ◽  
...  
Keyword(s):  
Interest Rates ◽  
Housing Market ◽  
Systemic Risk ◽  
Preliminary Analysis ◽  
Washington Dc ◽  
Agent Based Model ◽  
Agent Based ◽  
Housing Boom ◽  
Boom And Bust ◽  
Mortgage Prepayments

Systemic risk must include the housing market, though economists have not generally focused on it. We begin construction of an agent-based model of the housing market with individual data from Washington, DC. Twenty years of success with agent-based models of mortgage prepayments give us hope that such a model could be useful. Preliminary analysis suggests that the housing boom and bust of 1997-2007 was due in large part to changes in leverage rather than interest rates.

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