Integrating the housing market into an agent-based economic model

2012 ◽  
pp. 65-76
Author(s):  
Einar Jón Erlingsson ◽  
Marco Raberto ◽  
Hlynur Stefánsson ◽  
Jón Thór Sturluson
Keyword(s):  
Housing Market ◽  
Economic Model ◽  
Agent Based

FUNCTIONAL MODULARITY IN THE FUNDAMENTALS OF ECONOMIC THEORY: TOWARD AN AGENT-BASED ECONOMIC MODELING OF THE EVOLUTION OF TECHNOLOGY

2004 ◽  
Vol 18 (17n19) ◽  
pp. 2376-2386 ◽  
Author(s):  
SHU-HENG CHEN ◽  
BIN-TZONG CHIE
Keyword(s):  
Economic Theory ◽  
Genetic Programming ◽  
Computational Model ◽  
Economic Model ◽  
Economic Modeling ◽  
Agent Based ◽  
Evolution Of Technology ◽  
Computational Economic

No matter how commonly the term innovation has been used in economics, a concrete analytical or computational model of innovation is not yet available. This paper argues that a breakthrough can be made with genetic programming, and proposes a functional-modularity approach to an agent-based computational economic model of innovation.

scholarly journals Agent-based Housing Market Microsimulation for Integrated Land Use, Transportation, Environment Model System

2013 ◽  
Vol 19 ◽  
pp. 841-846 ◽  
Author(s):  
Adam Rosenfield ◽  
Franco Chingcuanco ◽  
Eric J. Miller
Keyword(s):  
Land Use ◽  
Housing Market ◽  
Model System ◽  
Agent Based ◽  
Environment Model

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.

scholarly journals Integrated sustainability policy assessment – an agent-based ecological-economic model

2022 ◽  
Author(s):  
Sylvie Geisendorf ◽  
Christian Klippert
Keyword(s):  
Economic Model ◽  
Coupled System ◽  
Decision Makers ◽  
Economic Optimization ◽  
Agent Based ◽  
Ecological Economic ◽  
Environmental And Resource Economics ◽  
Standard Models ◽  
Sustainability Policy ◽  
Integrated Sustainability

AbstractThe paper proposes an agent-based evolutionary ecological-economic model that captures the link between the economy and the ecosystem in a more inclusive way than standard economic optimization models do. We argue that an evolutionary approach is required to understand the integrated dynamics of both systems, i.e. micro–macro feedbacks. In the paper, we illustrate that claim by analyzing the non-triviality of finding a sustainability policy mix as a use case for such a coupled system. The model has three characteristics distinguishing it from traditional environmental and resource economic models: (1) it implements a multi-dimensional link between the economic and the ecological system, considering side effects of production, and thus combines the analyses of environmental and resource economics; (2) following literature from biology, it uses a discrete time approach for the biological resource allowing for the whole range of stability regimes instead of artificially stabilizing the system, and (3) it links this resource system to an evolving, agent-based economy (on the basis of a Nelson-Winter model) with bounded rational decision makers instead of the standard optimization model. The policy case illustrates the relevance of the proposed integrated assessment as it delivers some surprising results on the effects of combined and consecutively introduced policies that would go unnoticed in standard models.

scholarly journals CONDENSATION IN AN ECONOMIC MODEL WITH BRAND COMPETITION

2006 ◽  
Vol 17 (05) ◽  
pp. 749-756 ◽  
Author(s):  
L. CASILLAS ◽  
F. J. ESPINOSA ◽  
R. HUERTA-QUINTANILLA ◽  
M. RODRIGUEZ-ACHACH
Keyword(s):  
Numerical Simulations ◽  
Economic Model ◽  
Nearest Neighbors ◽  
The Other ◽  
Agent Based Model ◽  
Agent Based ◽  
Brand Competition

We present a linear agent based model on brand competition. Each agent belongs to one of the two brands and interacts with its nearest neighbors. In the process the agent can decide to change to the other brand if the move is beneficial. The numerical simulations show that the systems always condenses into a state when all agents belong to a single brand. We study the condensation times for different parameters of the model and the influence of different mechanisms to avoid condensation, like anti monopoly rules and brand fidelity.

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
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