Geanakoplos, John; Axtell, Robert; Farmer, J. Doyne; … - In: American Economic Review 102 (2012) 3, pp. 53-58
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...