Agent-based land markets: heterogeneous agents, land prices and urban land use change


Filatova, Tatiana and Parker, Dawn C. and Veen, Anne van der (2007) Agent-based land markets: heterogeneous agents, land prices and urban land use change. In: 4th Conference of the European Social Simulation Association, ESSA 2007, September 10-14, 2007, Toulouse, France (pp. pp. 263-275).

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Abstract:We construct a spatially explicit agent-based model of a bilateral land market. Heterogeneous agents form their bid and ask prices for land based on the utility that they obtain from a certain location (houte/land) and base on the state of the market (an excess of demand or supply). We underline the distinction between bid/ask price and individual willingness to pay/to accept and show that variations between them that reflect market conditions can influence land prices. Agents sort among locations with respect to distance from the city center and environmental spatial externalities. Aggregated outcocomes such as land patterns and land prices are producee by the model. The basic model of buyers and sellers trading land in the urban area produces results identical to the monocentric urban model. however, more complex dynamics appears when environmental amenities and market-adjustment variable influence the formation of land prices.
Item Type:Conference or Workshop Item
Engineering Technology (CTW)
Faculty of Behavioural, Management and Social sciences (BMS)
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