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view/download model file: HousingMarketRev8.3.nlogo

WHAT IS IT?

This model is an implementation of a simple housing market, with adjustable interest rate. The goal is to look for the emergence of a bubble when a shock is introduced to the system (some point at which average housing price first increases then falls with interest rate).


HOW TO USE IT

Fluctuate the interest rate and observe the foreclosures - as pink houses - in the landscape. Landscape parameters can be also adjusted.


THINGS TO NOTICE

The average house price, the mortgage and the balance sheets are the most important plots. Their simultaneous variation shows whether a crisis occurs or not.


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CREDITS AND REFERENCES

We thank for support the Center for Social Complexity at George Mason University, USA and particularly professor Robert Axtell.