We present a new modeling approach for house price movements as a consequence of the trading behavior of market agents. In our modeling approach, all agents are assumed to assign a personal threshold value to a (standardized) house and update the threshold value permanently by a continuous-time filtering procedure based on observing the quoted house prices and the resulting price movements. The traders then trade according to a threshold price strategy (try to sell if the personal threshold value is lower, try to buy if the personal threshold value is higher than the actually quoted house price). Our modeling approach and its resulting characteristics are illustrated via numerical examples that highlight certain realistic constellations between various traders.

我们提出了一种新的建模方法，将房价变动作为市场代理交易行为的结果。在我们的建模方法中，假设所有代理都为（标准化）房屋分配个人阈值，并通过基于观察报价的房价和由此产生的价格变动的连续时间过滤程序永久更新阈值。交易者然后根据阈值价格策略进行交易（如果个人阈值较低则尝试卖出，如果个人阈值高于实际报价的房屋价格则尝试购买）。我们的建模方法及其产生的特征通过数值例子来说明，这些例子突出了不同交易者之间的某些现实星座。