Empirical agent-based land market: Integrating adaptive economic behavior in urban land-use models
The ODD+D description of an economic agent-based housing market model is presented. Urban economics and hedonic analysis are combined in a bilateral trade market with a GIS landscape. Merging empirical data from various sources requires adjustment of the empirical demand for housing to the simulated one. Heterogeneity in agents incomes and preferences is essential when modeling heterogeneous housing goods. Market with adaptive price expectation produces non-marginal changes in price dynamics.
agent-based housing market price expectations hedonic model flood risk amenities