Simulating transaction networks in housing markets

Leslie Rosenthal

Advances in Complex Systems (ACS), 2000, vol. 03, issue 01n04, 371-384

Abstract: Linked networks of transactors attempting to complete both the buying and selling of properties, often termed "housing chains", are conspicuous features within owner-occupied housing markets, often seen as a cause of severe delay to transaction completion. This paper introduces a bounded or limited rationality-based model of housing market transactions and examines the properties and predictions of the resultant system. Agent-based simulation is able to reproduce: a) the existence of chains of buyers and sellers observed in the housing market; b) the delays to transaction completion often noted; and c) the empirical observation that housing price series for first-time buyers and for new or vacant housing serially leads the series for existing, current owner-occupiers.

Keywords: Housing; Owner-Occupation; Transactions; Simulation (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:wsi:acsxxx:v:03:y:2000:i:01n04:n:s0219525900000261

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DOI: 10.1142/S0219525900000261

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