The Hoyt Group

Agent-Based Modeling

This page will be used to demonstrate the application of Agent Based Models (ABM) to capture the complexity of real estate markets. Several models are under development using NetLogo. For an example of a NetLogo model under development by Jeff Fisher, Leasing Market Model. This purpose of this model is to examine conditions for equilibrium between the space and capital market.

For another example written by Peter Thompson to model bank reserves which we have put on the Hoyt Website, click here.

In the words of the author of this model: "I have decided to model the credit crunch from its early stages where the banks signed many irresponsible loans in order to boost its profits, through to where these loans defaulted, to where the bank's collapse because of the worsening economy and weakening of the pound. The dynamic model allows for many input scenarios where the culprits that caused the credit crunch can be identified and focused on, to find solutions as to how the crisis could have been prevented, or indeed can be prevented from a specific moment onwards."