Agent based exploration of urban economic dynamics under the rent-gap hypotheses

Picascia, S. , Edmonds, B. and Heppenstall, A. (2015) Agent based exploration of urban economic dynamics under the rent-gap hypotheses. In: Grimaldo, F. and Norling, E. (eds.) Multi-Agent-Based Simulation XV: International Workshop, MABS 2014, Paris, France, May 5-6, 2014, Revised Selected Papers. Series: Lecture notes in computer science (9002). Springer: Cham, pp. 213-227. ISBN 9783319146263 (doi: 10.1007/978-3-319-14627-0_15)

Abstract

We present a stylised agent-based model of housing investment based on the rent gap theory proposed by the late Neil Smith. We couple Smith’s supply-side approach to investment, with individual-level residential mobility within a city. The model explores the impact of varying levels of capital flowing in the city and reproduces certain theorised and observed dynamics emerging from the cyclic nature of investment: the tendency of capital to spatially concentrate generating intra-urban inequalities, the occasional formation of persistent pockets of disinvestment and phenomena such as gentrification.

• Item Type: Book Sections
• Status: Published
• Glasgow Author(s) Enlighten ID: Picascia, Dr Stefano
• Authors: Picascia, S., Edmonds, B., and Heppenstall, A.
• College/School: College of Medical Veterinary and Life Sciences > School of Health & Wellbeing > MRC/CSO SPHSU
• Publisher: Springer
• ISBN: 9783319146263
• Published Online: 04 January 2015