A heterogeneous boundedly rational expectation model for housing market-中国Betway体育网页登陆

摘要 Thisresearchaimstotestthehousingpricedynamicswhenconsideringheterogeneousboundedlyrationalexpectationssuchasnaiveexpectation,adaptiveexpectationandbiasedbelief.Thehousingmarketisinvestigatedasanevolutionarysystemwithheterogeneousandcompetingexpectations.Theresultsshowthatthedynamicsoftheexpectedhousingpricevariessubstantiallywhenheterogeneousexpectationsareconsideredtogetherwithsomeotherendogenousfactors.Simulationresultsexplainsomestylizedphenomenasuchasequilibriumoroscillation,convergenceordivergence,andover-shootingorunder-shooting.Furthermore,theresultssuggestthatvariationoftheproportionofgroupsofagentsisbasicallydependentontheselectedstrategies.Italsoindicatesthatcontrolpoliciesshouldbechosencarefullyinconsistencewithauniquerealestatemarketduringauniqueperiodsincecertainparameterportfoliomayincreaseorsuppressoscillation.

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A heterogeneous boundedly rational expectation model for housing market

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