Agent-Based Urban Land Markets: Agent's Pricing Behavior, Land Prices and Urban Land Use Change
Tatiana Filatova (),
Dawn Parker and
Anne van der Veen ()
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Tatiana Filatova: http://tatianafilatova.weebly.com/
Anne van der Veen: http://www.itc.nl/resumes/veen
Journal of Artificial Societies and Social Simulation, 2009, vol. 12, issue 1, 3
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)
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Persistent link: https://EconPapers.repec.org/RePEc:jas:jasssj:2008-13-2
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