| Title |
A Simulation Model Development for Analyzing Ripple Effect of Housing Policy by Region |
| Authors |
Yoon, Inseok ; Park, Moonseo ; Lee, Hyun-Soo |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2019.20.2.068 |
| Keywords |
Housing Market ; Housing Policy ; System Dynamics ; Agent-based Model |
| Abstract |
Recently, housing prices have surged, and the government has implemented various regulations, such as finance and taxes. Because of the policy, the nationwide housing price have stabilized, but polarization has occurred. Some argue that regulation can adversely affect the actual demand. Therefore, not only the correlation between market variables but also ripple effect of policy has to be analyzed in policy planning and analysis from a microscopic point of view. In this study, a simulation model was developed by integrating system dynamics for analyzing market structure and agent-based model for modeling decision process of market participants. This research applied the financial regulation and the tax regulation to the model and evaluated the policy effectiveness. This study reveals which feedback dominates according to the policies, which have same purpose. It is because market participants make different decision for each policy. Furthermore, there were other ripple effects not only in the policy target submarket but also in other submarket. |