{"title":"A review of the housing market-clearing process in integrated land-use and transport models","authors":"Yicong Liu, Eric J. Miller, Khandker Nurul Habib","doi":"10.5198/jtlu.2023.2268","DOIUrl":null,"url":null,"abstract":"The land-use/transport interaction (LUTI) modeling framework has become the current state of best practice for analyzing the interdependency between the land-use and transportation systems. This paper presents a comprehensive review of the housing market-clearing mechanisms used in operational LUTI models. Market clearing is a critical component of modeling housing markets, but a systematic review and critique of the current state of the art have not previously been undertaken. In the review paper, the theoretical foundations for modeling household location choice are reviewed, including bid-rent and random utility theories. Five LUTI models are discussed in detail: two equilibrium models, MUSSA and RELU-TRAN, and three dynamic disequilibrium models, UrbanSim, ILUTE, and SimMobility. The discussion focuses on the following key points: the assumptions embedded in the models, the aggregation level of households and locations, computational cost and operationalization of the models. One of the challenges is that there are rarely any empirical studies that compare the performance of equilibrium and dynamic models in the same study context. Future research is recommended to empirically investigate the pros and cons of the two modeling approaches and compare the model performances for their representativeness of real-world behavior, computational efficiencies, and abilities for policy analysis. More sophisticated studies about the impacts of agents’ behavior on the housing market-clearing process are also recommended.","PeriodicalId":47271,"journal":{"name":"Journal of Transport and Land Use","volume":null,"pages":null},"PeriodicalIF":1.6000,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Transport and Land Use","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.5198/jtlu.2023.2268","RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"TRANSPORTATION","Score":null,"Total":0}
引用次数: 0
Abstract
The land-use/transport interaction (LUTI) modeling framework has become the current state of best practice for analyzing the interdependency between the land-use and transportation systems. This paper presents a comprehensive review of the housing market-clearing mechanisms used in operational LUTI models. Market clearing is a critical component of modeling housing markets, but a systematic review and critique of the current state of the art have not previously been undertaken. In the review paper, the theoretical foundations for modeling household location choice are reviewed, including bid-rent and random utility theories. Five LUTI models are discussed in detail: two equilibrium models, MUSSA and RELU-TRAN, and three dynamic disequilibrium models, UrbanSim, ILUTE, and SimMobility. The discussion focuses on the following key points: the assumptions embedded in the models, the aggregation level of households and locations, computational cost and operationalization of the models. One of the challenges is that there are rarely any empirical studies that compare the performance of equilibrium and dynamic models in the same study context. Future research is recommended to empirically investigate the pros and cons of the two modeling approaches and compare the model performances for their representativeness of real-world behavior, computational efficiencies, and abilities for policy analysis. More sophisticated studies about the impacts of agents’ behavior on the housing market-clearing process are also recommended.
期刊介绍:
The Journal of Transport and Land Usepublishes original interdisciplinary papers on the interaction of transport and land use. Domains include: engineering, planning, modeling, behavior, economics, geography, regional science, sociology, architecture and design, network science, and complex systems. Papers reporting innovative methodologies, original data, and new empirical findings are especially encouraged.