Speculative behavior in a housing market: Boom and bust

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• 作者：Min Zheng^a ; ^b ; ^{mzheng@cufe.edu.cn} ; Hefei Wang^c ; ^{wanghefei@ruc.edu.cn} ; Chengzhang Wang^d ; ^{czwang@cufe.edu.cn} ; Shouyang Wang^b ; ^{sywang@amss.ac.cn}
• 关键词：C62 ; D53 ; D84 ; R21 ; R31
• 刊名：Economic Modelling
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：61
• 期：Complete
• 页码：50-64
• 全文大小：1905 K
• 卷排序：61

文摘

The interaction among three different types of agents in a housing market is studied. Speculative behavior is an important factor explaining housing price dynamics. Different roles of investors' extrapolative and mean-reverting beliefs are analyzed. The decrease of development cost is a good measure to adjust the housing market.