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

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...

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Bibliographic Details
Published inEnvironment and planning. A Vol. 41; no. 8; pp. 1997 - 2013
Main Authors Devisch, Oswald T J, Timmermans, Harry J P, Arentze, Theo A, Borger, Aloys W J
Format Journal Article
LanguageEnglish
Published London, England SAGE Publications 01.08.2009
Pion
Pion Ltd, London
SeriesEnvironment and Planning A
Subjects
Bargaining
Bgi / Prodig
Cognition
Decision making
Housing market
Housing prices
Housing. Communiting
Human geography
Rational choice
Residential areas
Urban geography
Urban planning
Residential choice
Utility fonction
Behaviour
Residential mobility
Housing cost
Housing
Dynamic model
Decision
Housing market
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Summary: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.
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ISSN:0308-518X
1472-3409
DOI:10.1068/a41158