Quasi-equilibrium approach for market clearing in land use microsimulations (Record no. 11613)
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| 000 -LEADER | |
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| fixed length control field | 02141nab a2200265 4500 |
| 005 - DATE & TIME | |
| control field | 20210408125926.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 210408b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Hurtubia, Ricardo |
| 245 ## - TITLE STATEMENT | |
| Title | Quasi-equilibrium approach for market clearing in land use microsimulations |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Name of publisher, distributor, etc | Sage, |
| Date of publication, distribution, etc | 2019. |
| 300 ## - PHYSICAL DESCRIPTION | |
| Pages | Vol 46, Issue 3, 2019,( 445-468 p.) |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | A method for market clearing in land use models with a microsimulation approach for location choice of agents is proposed. The method, based on the Bid-auction theory and random utility models, assumes that agents individually adjust their perceived expected utility by observing market prices before entering auctions for a real estate good, hence modifying their overall willingness to pay for locations. The adjustment translates into a correction of each agent’s bid level that follows the direction of supply-demand equilibrium, as they attempt to ensure their location. In each period, auctions for each available real estate good are simulated and prices are computed as the expected maximum bid of all agents in the market. The proposed method is tested for the city of Brussels, validated against real data and compared with results obtained when the bid adjustment is not included. Simulation results reproduce price trends that were observed in reality between the year 2001 and 2008, outperforming results obtained without a quasi-equilibrium bid adjustment approach. The proposed method is feasible to be implemented in large scale microsimulations and agent-based models because it does not require solving large fixed-point equilibrium problems. |
| 650 ## - Subject | |
| Subject | Land use, |
| 650 ## - Subject | |
| Subject | agent based, |
| 650 ## - Subject | |
| Subject | market clearing, |
| 650 ## - Subject | |
| Subject | microsimulation, |
| 650 ## - Subject | |
| Subject | location choice |
| 700 ## - Added Entry Personal Name | |
| Added Entry Personal Name | Javier Martinez, Francisco |
| 700 ## - Added Entry Personal Name | |
| Added Entry Personal Name | Bierlaire, Michel |
| 773 0# - HOST ITEM ENTRY | |
| Host Biblionumber | 11590 |
| Host Itemnumber | 15512 |
| Place, publisher, and date of publication | Sage 2019. |
| Title | Environment and Planning B: Urban Analytics and City Science |
| 856 ## - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | https://doi.org/10.1177/2399808317719071 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Koha item type | Articles |
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