Agent-Based Urban Land Markets: Agent's Pricing Behavior, Land Prices and Urban Land Use Change

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Filatova, Tatiana and Parker, Dawn and Veen van der, Anne (2009) Agent-Based Urban Land Markets: Agent's Pricing Behavior, Land Prices and Urban Land Use Change. Journal of Artificial Societies and Social Simulation , 12 (1). ISSN 1460-7425

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Abstract:We present a new bilateral agent-based land market model, which moves beyond previous work by explicitly modeling behavioral drivers of land-market transactions on both the buyer and seller sides; formation of bid prices (of buyers) and ask prices (of sellers); and the relative division of the gains from trade from the market transactions. We analyze model output using a series of macro-scale economic and landscape pattern measures, including land rent gradients estimated using simple regression models. We first demonstrate that our model replicates relevant theoretical results of the traditional Alonso/Von Thünen model (structural validation). We then explore how urban morphology and land rents change as the relative market power of buyers and sellers changes (i.e., we move from a 'sellers' market' to a 'buyers' market'). We demonstrate that these strategic price dynamics have differential effects on land rents, but both lead to increased urban expansion.
Item Type:Article
Copyright:© 2009 JASSS
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Management and Governance (SMG)
Engineering Technology (CTW)
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Link to this item:http://purl.utwente.nl/publications/61113
Official URL:http://jasss.soc.surrey.ac.uk/12/1/3.html
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