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Decentralized markets and the emergence of housing wealth inequality / Omar A. Guerrero in Computers, Environment and Urban Systems, vol 84 (November 2020)  

Public [article]  inComputers, Environment and Urban Systems > vol 84 (November 2020) . - n° 101541 Titre : Decentralized markets and the emergence of housing wealth inequality Type de document : Article/Communication Auteurs : Omar A. Guerrero, Auteur Année de publication : 2020 Article en page(s) : n° 101541 Note générale : bibliographie Langues : Anglais (eng) Descripteur : [Vedettes matières IGN] Analyse spatiale [Termes IGN] analyse socio-économique [Termes IGN] bien immobilier [Termes IGN] coefficient de Gini [Termes IGN] évaluation foncière [Termes IGN] inégalité [Termes IGN] logement [Termes IGN] marché foncier [Termes IGN] modèle orienté agent [Termes IGN] patrimoine immobilier [Termes IGN] propriété foncière [Termes IGN] Royaume-Uni Résumé : (auteur) Recent studies suggest that the traditional determinants of housing wealth are insufficient to explain its current inequality levels. Thus, they argue that efforts should focus on understanding institutional factors. From the perspective of complex adaptive systems, institutions are more than the ‘the rules of the game’, they also consider the interaction protocols or the ‘algorithm’ through which agents engage in socioeconomic activities. By viewing markets as complex adaptive systems, I develop a model that allows estimating how much housing wealth inequality is attributable to the market institution. It combines virtues from two different modeling traditions: (1) the microeconomic foundations from overlapping-generation models and (2) the explicit interaction protocols of agent-based models. Overall, the model generates prices and housing inequality endogenously and from bottom-up; without needing to impose assumptions about the aggregate behavior of the market (such as market equilibrium). It accounts for economic and institutional factors that are important to housing consumption decisions (e.g., wages, consumption of goods, non-labor income, government transfers, taxes, etc.). I calibrate the model with the British Wealth and Assets Survey at the level of each individual household (i.e., ~25 million agents). By performing counter-factual simulations that control for data heterogeneity, I estimate that, in the United Kingdom, the decentralized protocol interaction of the housing market contributes with one to two thirds of the Gini coefficient. I perform policy experiments and compare the outcomes between an expansion in the housing stock, a sales tax, and an inheritance tax. The results raise concerns about the limitations of traditional policies and call for a careful re-examination of housing wealth inequality. Numéro de notice : A2020-711 Affiliation des auteurs : non IGN Thématique : GEOMATIQUE Nature : Article DOI : 10.1016/j.compenvurbsys.2020.101541 Date de publication en ligne : 26/08/2020 En ligne : https://doi.org/10.1016/j.compenvurbsys.2020.101541 Format de la ressource électronique : url article Permalink : https://documentation.ensg.eu/index.php?lvl=notice_display&id=96268 [article]