Simulating Housing Market Processes at the Micro Level
Management Science · 1979 · Volume 25 · Issue 6
Abstract
The article describes a simulation of market processes in single-family, owner-occupied housing in a metropolitan market area. The simulation was designed both as a training tool and a decision aid. Model structure is discussed in detail, and data bases for construction are described. The model has substantial face validity (tested with a sizeable number of prominent Realtors), and interesting managerial implications.
Keywords
market simulations, housing, real estate, urban economics, buyers behavior
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