A review of the housing market-clearing process in integrated land-use and transport models
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...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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University of Minnesota
2023-10-01
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| Series: | Journal of Transport and Land Use |
| Subjects: | |
| Online Access: | https://jtlu.org/index.php/jtlu/article/view/2268 |
| _version_ | 1797663803661352960 |
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| author | Yicong Liu Eric J. Miller Khandker Nurul Habib |
| author_facet | Yicong Liu Eric J. Miller Khandker Nurul Habib |
| author_sort | Yicong Liu |
| collection | DOAJ |
| description |
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.
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| first_indexed | 2024-03-11T19:20:55Z |
| format | Article |
| id | doaj.art-4bde0c61edb642aca1bab1342766cba9 |
| institution | Directory Open Access Journal |
| issn | 1938-7849 |
| language | English |
| last_indexed | 2024-03-11T19:20:55Z |
| publishDate | 2023-10-01 |
| publisher | University of Minnesota |
| record_format | Article |
| series | Journal of Transport and Land Use |
| spelling | doaj.art-4bde0c61edb642aca1bab1342766cba92023-10-07T09:44:45ZengUniversity of MinnesotaJournal of Transport and Land Use1938-78492023-10-01161A review of the housing market-clearing process in integrated land-use and transport modelsYicong Liu0Eric J. Miller1Khandker Nurul Habib2University of TorontoUniversity of TorontoUniversity of Toronto 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. https://jtlu.org/index.php/jtlu/article/view/2268Residential Location Choice ModelIntegrated Land-use and Transport ModelHousing Market Clearing Process |
| spellingShingle | Yicong Liu Eric J. Miller Khandker Nurul Habib A review of the housing market-clearing process in integrated land-use and transport models Journal of Transport and Land Use Residential Location Choice Model Integrated Land-use and Transport Model Housing Market Clearing Process |
| title | A review of the housing market-clearing process in integrated land-use and transport models |
| title_full | A review of the housing market-clearing process in integrated land-use and transport models |
| title_fullStr | A review of the housing market-clearing process in integrated land-use and transport models |
| title_full_unstemmed | A review of the housing market-clearing process in integrated land-use and transport models |
| title_short | A review of the housing market-clearing process in integrated land-use and transport models |
| title_sort | review of the housing market clearing process in integrated land use and transport models |
| topic | Residential Location Choice Model Integrated Land-use and Transport Model Housing Market Clearing Process |
| url | https://jtlu.org/index.php/jtlu/article/view/2268 |
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