Article (Scientific journals)
Dynamical fluctuations in a simple housing market model
Lemoy, Rémi; Bertin, Eric
2012In Journal of Statistical Mechanics: Theory and Experiment, p. 12007-12
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Keywords :
interacting agent models; stochastic processes
Abstract :
[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.
Disciplines :
Mechanical engineering
Author, co-author :
Lemoy, Rémi ;  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.
External co-authors :
Title :
Dynamical fluctuations in a simple housing market model
Publication date :
Journal title :
Journal of Statistical Mechanics: Theory and Experiment
Publisher :
Iop Publishing Ltd, Bristol, Unknown/unspecified
Pages :
Peer reviewed :
Peer Reviewed verified by ORBi
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