In this paper the authors present an agent-based model of a credit network economy. The artificial economy includes different economic agents that interact using simple behavioral rules through various markets, i.e., the consumption goods market, the labor market, the credit market and the...

We simulate a closed rental housing market with search and matching frictions, in which both landlord and tenant agents are imperfectly informed. Homogeneous landlords set rents to maximise revenue, using information on the market to estimate the relationship between posted rent and...

This paper develops a model of land use in a growing community on the urban fringe and uses it to explore the spatial patterns and time path of development. The model is an agent-based model (ABM) of housing and land markets that includes as agents farmer/landowners, a developer who buys land...

Systemic risk must include the housing market, though economists have not generally focused on it. We begin construction of an agent-based model of the housing market with individual data from Washington, DC. Twenty years of success with agent-based models of mortgage prepayments give us hope...

This paper presents a complex, modular, 1:1 scale model of the Hungarian residential housing market. All of the 4 million households with their relevant characteristics and all of the flats with detailed attributes like size, state and neighbourhood quality are represented, based on empirical...

While most of the literature starting with Shapley and Scarf (1974) have considered a static exchange economy with indivisibilities, this paper studies the dynamics of such an economy. We find that both the dynamics generated by competitive equilibrium and the one generated by weakly dominance...