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

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
Faculty:	Management and Governance (SMG) Engineering Technology (CTW)
Research Group:	Twente Centre for Studies in Technology and Sustainable Development (CSTM) Water Engineering and Management (WEM)
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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