Simulating Housing Market Processes at the Micro Level

Igal Ayal and Donald J. Hempel
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Igal Ayal: Tel Aviv University
Donald J. Hempel: University of Connecticut

Management Science, 1979, vol. 25, issue 6, 565-576

Abstract: The article describes a simulation of market processes in single-family, owner-occupied housing in a metropolitan market area. The simulation was designed both as a training tool and a decision aid. Model structure is discussed in detail, and data bases for construction are described. The model has substantial face validity (tested with a sizeable number of prominent Realtors), and interesting managerial implications.

Keywords: market simulations; housing; real estate; urban economics; buyers behavior (search for similar items in EconPapers)
Date: 1979
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:25:y:1979:i:6:p:565-576

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