Question 3
Housing is a complex good that is both a consumption and an investment good for homeowners. It can be defined as a vector of characteristics linked to the building, neighbourhood, and location defined in terms of accessibility relationships with the city, shops, schools, etc. The price of a house can be seen as a function of these characteristics. Based on the principles of Systems Thinking, answer the following questions to improve the practice of estimating house price:
- Identify the variables associated with the problem (define 10 variables at least),
- Identify the causal relationships among these variables,
- Draw the ‘Causal Loop Diagram’ (CLD) to graphically represent these relationships, and
- Identify the feedback loops within your CDs
- Discuss how these feedback loops can affect the estimated price of a house
Answer
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