The pattern of council house sales in one housing authority, the City of Aberdeen, was monitored over a two year period since the 'Right to Buy' legislation came into force. The pattern of sales was variable, both spatially and between house types. Semi-detached and terraced properties sold at a...

Agents have two forecasting models, one consistent with the unique rational expectations equilibrium, another that assumes a time-varying parameter structure. When agents use Bayesian updating to choose between models in a self-referential system, we find that learning dynamics lead to selection...