Development and Empirical Analysis of a Model for Matching Land Transaction Considering the Influence of Excursion Travel Behavior

Abstract

This study aims to develop a new formulation of land transaction equilibrium on a neighborhood scale from real data, including travel behavior data, by introducing a matching algorithm, and to clarify the effect of excursion-inducing urban renewal projects on transactions. We formulated a choice for land transaction behavior based on the MNL model for estimation using actual land transaction data. A dynamic discrete choice model formulated sequential visiting location choice behavior. The estimated parameters of the transaction model were used to calculate the choice probability, and each owner’s preferences were defined and matched using the Deferred Acceptance algorithm. The results revealed that installing urban renewal projects that change visiting behavior can achieve land transaction matching that does not create blocking pairs and can increase total utility in the entire neighborhood.