Risks and Hedonics in Empirical Agent-based land market (RHEA) model

RHEA aims to provide a methodological platform to simulate the aggregated impact of households’ residential location choice and dynamic risk perceptions in response to flooding on urban land markets. It integrates adaptive behaviour into the spatial landscape using behavioural theories and empirical data sources. The platform can be used to assess: how changes in households’ preferences or risk perceptions capitalize in property values, how price dynamics in the housing market affect spatial demographics in hazard-prone urban areas, how structural non-marginal shifts in land markets emerge from the bottom up, and how economic land use systems react to climate change. RHEA allows direct modelling of interactions of many heterogeneous agents in a land market over a heterogeneous spatial landscape. As other ABMs of markets it helps to understand how aggregated patterns and economic indices result from many individual interactions of economic agents. The model could be used by scientists to explore the impact of climate change and increased flood risk on urban resilience, and the effect of various behavioural assumptions on the choices that people make in response to flood risk. It can be used by policy-makers to explore the aggregated impact of climate adaptation policies aimed at minimizing flood damages and the social costs of flood risk.
This is a companion discussion topic for the original entry at https://www.comses.net/codebases/8e6c8883-d618-4286-808f-8632adf4f1e0/releases/1.0.0/