Based on the theory of behavi oral economics , a study on market subiect decision- making process and operating mechanism of our real estate market is carried out theoretically and empirically. The result shows that behavi ors of government , real estate developers and residents are significantly affected by some behavi or factors such as money illusion , overconfidence , one-sided information and monopoly supply, which continue to push up the appreciation expectations of the real estate , and the behavi ors are strengt hened when the expectation comes true . The appreciation expectation continues to increase for this positive feedback process , whichis alsotheimportant drivi ngforce of the sustained high growt h of real estate market in China . Estimated results show that 43 .42 % of the estate turnover growt h results fromthese behavi or factors . The neglect of behavi or factors is the fundamental reason why our control policies impact little on real estate market in recent years . In conclusion , several policies , includi ng the reduction of frequent publication of one-sided information , the change of the direct dependence on land finance of local government and the elimi nation of monopoly supply of real estate , are suggested to establish a sound marketization performance mechanis m, so as to achieve a stable development in real estate market .
贺京同 徐 璐. 主体行为、预期形成与房地产市场稳定[J]. 浙江大学学报(人文社会科学版), 2011, 41(5): 175-187.
He Jingtong Xu Lu. Subject Behavior , Expectation For mation and St abili ty in Real Estate Market. , 2011, 41(5): 175-187.