Agent Based Modeling

Download our ABM model on risk perception and housing prices

Open Access agent-based model to simulate the aggregated impacts of households’ residential location choices and their changing risk perceptions in response to flooding.

Socio-economic data from slums in Bangalore, India

Our results suggest that pure market-driven processes can cause shifts in demographics in climate-sensitive hotspots placing low-income households further at risk...

Repetitive floods intensify outmigration and climate gentrification in coastal cities

Our results suggest that pure market-driven processes can cause shifts in demographics in climate-sensitive hotspots placing low-income households further at risk...

Empirical agent-based land market in urban land-use models

This paper introduces an economic agent-based model of an urban housing market. Our Risks and Hedonics in Empirical Agent-based land market (RHEA) model captures natural hazard risks and environmental amenities through hedonic analysis, facilitating empirical agent-based land market modeling.

Improved Methods for Predicting Property Prices

Property prices are affected by changing market conditions, incomes and preferences of people. Price trends in natural hazard zones may shift significantly and abruptly after a disaster signalling structural systemic changes in property markets.

Preferences in Flood-prone Housing Markets

The price of risk is an important indicator that can facilitate decisions in any risk mitigation policy, which demands for methods to value the social costs of risk as accurately as possible. In particular, in flood risk management the central number that influences the balance between costs and benefits is the price of flood risk.

How do we build our Agent Based Models?

We first start from the theory to isolate the cause-effect relationships and to formulate hypotheses. We then collect a set of very different data, ranging from market transactions to GIS, Lab experiments and surveys to test alternative behavioral theories and compare to observed macro data.

Agent Based Modeling

Agent-based model is a computer code representing how many heterogeneous adaptive economic agents – households, firms, farmers, governmental institutions – make decisions and interact with each other and their environment according to different behavioral rules.