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:: Volume 21, Issue 66 (Quarterly Journal of Economic Research and Policies 2013) ::
qjerp 2013, 21(66): 143-168 Back to browse issues page
The Modeling of Boom and Bust in Tehran Housing
Javid Bahrami , Habib Morovat *
, habibmorovat@yahoo.com
Abstract:   (11641 Views)
Housing sector fluctuations have many impacts on economic growth, job creating and households welfare. So, it is very important to determine main reasons of speculative bubbles in housing markets. There is almost general agreement about the role of expectations of buyers and sellers in making of speculative bubbles but, only a few researches try to model it. In this research we try to model speculative bubble in Tehran housing market using agent- based economics. Agents have heterogeneous expectations about long-run fundamentals but change their views because of "social dynamics". Agents meet randomly and those with tighter priors are more likely to convert other agents to their beliefs. Results of modeling show the role of non-fundamentals and heterogeneous expectations in speculative bubbles in the Tehran housing market
Keywords: Social Dynamics, Agent Based Economics, Heterogeneous Expectations, Tehran Housing Market
Full-Text [PDF 1103 kb]   (3846 Downloads)    
Type of Study: Research | Subject: Special
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Bahrami J, Morovat H. The Modeling of Boom and Bust in Tehran Housing . qjerp 2013; 21 (66) :143-168
URL: http://qjerp.ir/article-1-731-en.html


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Volume 21, Issue 66 (Quarterly Journal of Economic Research and Policies 2013) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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