Format du dépôt |
Fichier |
Type de dépôt |
Article dans une revue |
Titre |
en
Residential income segregation: A behavioral model of the housing market
|
Résumé |
en
We represent the functioning of the housing market and study the relation between income segregation, income inequality and house prices by introducing a spatial Agent-Based Model (ABM). Differently from traditional models in urban economics, we explicitly specify the behavior of buyers and sellers and the price formation mechanism. Buyers who differ by income select among heterogeneous neighborhoods using a probabilistic model of residential choice; sellers employ an aspiration level heuristic to set their reservation offer price; prices are determined through a continuous double auction. We first provide an approximate analytical solution of the ABM, shedding light on the structure of the model and on the effect of the parameters. We then simulate the ABM and find that: (i) a more unequal income distribution lowers the prices globally, but implies stronger segregation; (ii) a spike in demand in one part of the city increases the prices all over the city; (iii) subsidies are more efficient than taxes in fostering social mixing.
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Auteur(s)
|
Marco Pangallo
1
, Jean-Pierre Nadal
2, 3, 4
, Annick Vignes
2
1
INET Oxford -
Institute for New Economic Thinking at the Oxford Martin School
( 574985 )
- Manor Road Building, Manor Road, Oxford, OX1 3UQ
- Royaume-Uni
2
CAMS -
Centre d'Analyse et de Mathématique sociales
( 1318 )
- 54 boulevard Raspail 75006 Paris
- France
-
École des hautes études en sciences sociales ( 99539 )
;
-
Centre National de la Recherche Scientifique UMR8557 ( 441569 )
3
LPS -
Laboratoire de Physique Statistique de l'ENS
( 4 )
- 24 rue Lhomond 75231 PARIS Cedex 05
- France
-
Fédération de recherche du Département de physique de l'Ecole Normale Supérieure - ENS Paris ( 1900 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
Centre National de la Recherche Scientifique FR684 ( 441569 )
;
-
Université Pierre et Marie Curie - Paris 6 ( 93591 )
;
-
Université Paris Diderot - Paris 7 ( 300301 )
;
-
Centre National de la Recherche Scientifique UMR8550 ( 441569 )
4
Biophysique et Neuroscience Théoriques
( 579327 )
- 24 rue Lhomond 75005 Paris
- France
-
Laboratoire de physique de l'ENS - ENS Paris ( 556928 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
Université Paris Diderot - Paris 7 ( 300301 )
;
-
Sorbonne Université ( 413221 )
;
-
Centre National de la Recherche Scientifique UMR8023 ( 441569 )
|
Langue du document |
Anglais
|
Nom de la revue |
|
Volume |
159
|
Page/Identifiant |
15-35
|
Date de publication |
2019-03
|
Audience |
Internationale
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Mots-clés (JEL) |
-
C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C63 - Computational Techniques • Simulation Modeling
-
D - Microeconomics/D.D3 - Distribution/D.D3.D31 - Personal Income, Wealth, and Their Distributions
-
R - Urban, Rural, Regional, Real Estate, and Transportation Economics/R.R2 - Household Analysis/R.R2.R23 - Regional Migration • Regional Labor Markets • Population • Neighborhood Characteristics
-
R - Urban, Rural, Regional, Real Estate, and Transportation Economics/R.R3 - Real Estate Markets, Spatial Production Analysis, and Firm Location/R.R3.R31 - Housing Supply and Markets
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Domaine(s) |
-
Sciences de l'Homme et Société/Economies et finances
-
Sciences de l'Homme et Société/Méthodes et statistiques
-
Science non linéaire [physics]/Adaptation et Systèmes auto-organisés [nlin.AO]
|
Mots-clés |
en
Agent-based model, Housing market, Spatial segregation, Aspiration level heuristic, Income inequality
|
arXiv Id |
1606.00424 |
DOI |
10.1016/j.jebo.2019.01.010 |