| Title |
Multi-Agent Simulation On the Housing Market |
| Keywords |
Multi-Agent Model ; Housing Market ; Complexity Theory ; Simulation |
| Abstract |
The real estate policy to prevent speculation carried out by the government in 2003 is blamed to be a failure because it regulated market too strictly. As a result, Korean economy has fallen down seriously. In addition, the policy is gradually attacked to be mitigated. To avoid confusion in real estate market and national economy, the market needs new tools of assessing the direct and indirect policy impact on the market from various directions in advance. This paper presents a model, Multi-Agent Housing Market Model (MAHMM), to simulate housing market. The model assumes that 1) a householder is regarded as an agent, 2) every agent has its own properties, 3) agents immigrate, make trade or build new houses as surrounding environment is changing, 4) agents find target houses based on the behavior rules established in the virtual space. After running several scenarios, this paper could find out that housing information gives a great variation on market but about 16% of market information was sufficient in searching target houses and forming sound housing market. Next, the number of housing trade and trade ratio increases as the national economy grows. However, the increased amount is not linked directly with the increase of total house number if sufficient market information is given. |