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Agent-Based Models and Loss Aversion in the UK Housing Market

Friday, August 25, 2017 11:03
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Roger Farmer:

Agent-Based Models and Loss Aversion in the UK Housing Market: This is my third post featuring research presented at the conference on Applications of Behavioural Economics, and Multiple Equilibrium Models to Macroeconomics Policy Conference held at the Bank of England on July 3rd and 4th 2017.

Last week I featured two US central bankers, Jim Bullard, President of the St Louis Fed and Kevin Lansing, a Research Advisor at the Federal Reserve Bank of San Francisco. This week’s post features two papers on the housing market, presented by two researchers at the Bank of England; Arzu Uluc and Philippe Bracke. One of these papers uses an Agent Based-Modelling approach to study the effects of macroprudential policy in the housing market. The other is a large-scale empirical study which finds significant evidence against the hypothesis that we are all perfectly rational. Homo Economicus and Femina Economica display more subtle behaviour than simple neo-classical models admit. 

Let’s begin with a fascinating paper co-authored by Philippe Bracke and Silvana Tenreyo. …



Source: http://economistsview.typepad.com/economistsview/2017/08/agent-based-models-and-loss-aversion-in-the-uk-housing-market.html

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