Agent-Based Modelling of House Price Evolution

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Abstract

Housing prices result from many factors, from government control to individual needs. Yet they seemingly take on a will of their own, booming rather than crashing and so defying all analysis and expectation. We discuss a comprehensive agent-based model of housing prices, in which real data is embedded from a variety of sources. Much of the data is spatial collected from Geographical Information Systems (GIS). The variety of different stakeholders, costs, formats and infrastructure presents considerable challenges in developing a general model. This paper describes the preliminary design work towards such a general model of the way house prices evolve. A number of initial simulations are developed in MATLAB to examine the impact of real-estate agents and fuzzy inference of the vendor's agent on house price evolution.
Original languageEnglish
Title of host publicationEighth Australian and New Zealand Intelligent Information Systems Conference(ANZIIS 2003)
EditorsC.B. Lovell, A.D. Campbell, B.C. Fookes, Maeder J A Maeder J J A
Place of PublicationBrisbane, Australia
PublisherQueensland University of Technology
Pages1-20
Number of pages20
ISBN (Electronic)1741070392
Publication statusPublished - 2003
EventAustralian and New Zealand Intelligent Information Systems Conference - Sydney, Australia, Australia
Duration: 10 Dec 200312 Dec 2003

Conference

ConferenceAustralian and New Zealand Intelligent Information Systems Conference
CountryAustralia
Period10/12/0312/12/03

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    Amri, S., & Bossomaier, T. (2003). Agent-Based Modelling of House Price Evolution. In C. B. Lovell, A. D. Campbell, B. C. Fookes, & M. J. A. M. J. J A (Eds.), Eighth Australian and New Zealand Intelligent Information Systems Conference(ANZIIS 2003) (pp. 1-20). Queensland University of Technology.