Towards Integrated Land Use and Transportation: A Dynamic Disequilibrium based Microsimulation Framework for Built Space Markets
Investigating the factors and processes that influence the spatiotemporal distribution of built space and population in an urban area, plays an extremely important role in our greater understanding of the urban travel behaviour. Existing location of activity centres, especially home and work, strongly influences the short-term individual-level decisions such as mode of transportation, and long-term household-level decisions such as change in job and residential location. Conditions in the built space market also affect households and firms location and relocation decisions, and hence influence the general travel patterns in an urban area. In this context, this paper addresses a very important, but at the same time, not very widely investigated dimension that plays a key role in the evolution of built space and population distribution: Market. A disequilibrium based microsimulation modelling framework is developed for the built space markets. This framework is then used to operationalize the Greater Toronto and Hamilton Areas owner-occupied housing market within Integrated Land Use Transportation and Environment (ILUTE) modelling system. Simulation results captured heterogeneity in the transaction prices, due to type of dwellings and different market conditions, in a very disaggregate fashion. The proposed methodology is validated by running the simulation from 1986 to 2006 and comparing the results with the historic data.