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

Tatiana Filatova (), Dawn Cassandra Parker and Anne van der Veen ()
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Tatiana Filatova: http://www.wem.ctw.utwente.nl/en/organization/Staff/Filatova/index.html
Anne van der Veen: http://www.wem.ctw.utwente.nl/en/organization/Staff/VeenAnne.doc/index.html

Journal of Artificial Societies and Social Simulation, 2009, vol. 12

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 side; 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.

Keywords: Location Choice; Urban Land Market; Agent-Based Computational Economics; Land Use; Land Rent Gradient; Spatial Simulation (search for similar items in EconPapers)
Date: 2009-01-31

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Persistent link: http://EconPapers.repec.org/RePEc:jas:jasssj:2008-13-2

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