Reference : Dynamical fluctuations in a simple housing market model
Scientific journals : Article
Physical, chemical, mathematical & earth Sciences : Physics
Engineering, computing & technology : Mechanical engineering
http://hdl.handle.net/10993/31617
Dynamical fluctuations in a simple housing market model
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Lemoy, Rémi mailto [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE)]
Bertin, Eric [Univ Lyon, Phys Lab, ENS Lyon, CNRS, F-69007 Lyon, France.]
2012
Journal of Statistical Mechanics : Theory and Experiment
Iop Publishing Ltd
P12007-12
Yes (verified by ORBilu)
International
1742-5468
Bristol
[en] interacting agent models ; stochastic processes
[en] We consider a simple stochastic model of an urban rental housing market, in which the interaction of tenants and landlords induces rent fluctuations. We simulate the model numerically and measure the equilibrium rent distribution, which is found to be close to a lognormal law. We also study the influence of the density of agents (or equivalently, the vacancy rate) on the rent distribution. A simplified version of the model, amenable to analytical treatment, is studied and leads to a lognormal distribution of rents. The predicted equilibrium value agrees quantitatively with numerical simulations, while a qualitative agreement is obtained for the standard deviation. The connection with non-equilibrium statistical physics models such as ratchets is also emphasized.
http://hdl.handle.net/10993/31617
10.1088/1742-5468/2012/12/P12007

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