Modelling Housing Markets

After reading about land markets I come across this simple NetLogo model by Nigel Gilbert et al. The model explores how some of the main features of the English housing market emerges from the interactions between buyers, realtors and sellers (click here to run the model).

There is a paper that accompanies the model (click here) which discusses the potential advantages of agent-based modeling over more traditional 'top down' techniques for exploring the housing market. While the model is not based on any particular geographical location or attempts to represent either the characteristics of individual housing units, nor spatial attributes such as proximity to services. It is still a very interesting paper investigating the complicated interactions that create a housing market in a simple model.

Reference:
Gilbert, N, Hawksworth, J C, and Sweeney, P (2008) 'An Agent-based Model of the UK Housing Market'. University of Surrey http://cress.soc.surrey.ac.uk/housingmarket/ukhm.html or click here to read the paper.