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The bursting of housing bubble as jamming phase transition

Title	The bursting of housing bubble as jamming phase transition
Creator	Creator Name Nishinari, Katsuhiro Nishinari, Katsuhiro 西成, 活裕西成, 活裕ニシナリ, カツヒロニシナリ, カツヒロ Affiliation Affiliation Name University of Tokyo Affiliation Affiliation Name PRESTO, Japan Science and Technology Corporation
	Creator Name Iwamura, Mitsuru Iwamura, Mitsuru 岩村, 充岩村, 充イワムラ, ミツルイワムラ, ミツル Affiliation Affiliation Name Waseda University
	Creator Name Umeno Saito, Yukiko Umeno Saito, Yukiko 齊藤(梅野), 有希子齊藤(梅野), 有希子 Affiliation Affiliation Name Fujitsu Research Institute Affiliation Affiliation Name Hitotsubashi University
	Creator Name Watanabe, Tsutomu Watanabe, Tsutomu 渡辺, 努渡辺, 努ワタナベ, ツトムワタナベ, ツトム Affiliation Affiliation Name Hitotsubashi University Affiliation Affiliation Name Canon Institute for Global Studies
Editor	Contributor Name 日本経済の物価変動ダイナミクスの解明 = Understanding Inflation Dynamics of the Japanese Economy
Abstract	Recently housing market bubble and its burst attracts much interest of researchers in various fields including economics and physics. Economists have been regarding bubble as a disorder in prices. However, this research strategy has overlooked an importance of the volume of transactions. In this paper, we have proposed a bubble burst model by focusing on transaction volume incorporating a traffic model that represents spontaneous traffic jam. We find that the phenomenon of bubble burst shares many similar properties with traffic jam formation on highway by comparing data taken from the U.S. housing market. Our result suggests that transaction volume could be a driving force of bursting phenomenon.
Description	May 3, 2009
Publisher	Research Center for Price Dynamics, Institute of Economic Research, Hitotsubashi University
Issued Date	2009-05-13
Language	English(eng)
Resource Type	technical report
Version Type	VoR
Is Part OfRelation -	Related Title Working Paper Series ; No. 39
Relation	Related Identifier URI http://www.ier.hit-u.ac.jp/~ifd/
Number of Pages	11
Sponsorship	日本学術振興会・科学研究費補助金（学術創成研究費） = JSPS Grant-in-Aid for Creative Scientific Research
Appears in Collections	Working Paper Series / Understanding Inflation Dynamics of the Japanese Economy
URL	https://hdl.handle.net/10086/17371