Agent-based Land Market
Author(s): Alexander Michels, Jeon-Young Kang, and Shaowen Wang
Urban land markets exhibit complex emergent behaviors that have yet to be fully explained by the microeconomic decision-making which constitutes the market. The Agent-based Land MArket (ALMA) framework has been introduced to simulate a bilateral agent-based land market that produces a rent gradient. In this paper, we extend the ALMA framework by introducing two new parameters, heterogeneity, and stochasticity which allow us to explore how the rent gradient is affected by buyers with diverse preferences and a range of market compositions.