Real Estate Investment Behavior Analysis Based on BSV, DHS and HS Models

摘要

As a special commodity which related to people's livelihood, real estate has dual characteristics of consumption and investment. In recent years, through a great deal of relevant empirical studies, it reveals that the phenomena of under-reaction and overreaction are increasingly obvious in the real estate market, as the investors’ deviation of awareness and the inadequate access to information. In this paper, based on the perspective of behavioral finance, investigation and analysis are carried out to the behavior characteristics of the investors in the property market. This investigation and analysis are based on the three investor mental models. They are the BSV model, the DHS model and the HS model. Through questionnaires and simulation research methods, the result indicated that, to a certain extent, there is difference between the real estate investor of our country in the behavior performance and the behavior factors which the BSV model and DHS model have. But it has the good uniformity with the behavior foundation of the HS model. Therefore，the HS model is, to some extent, suitable to analyze the phenomena of over-reaction and under-reaction which may exist in China's real estate market. And based on the results of the analysis, put forward some relevant policies and proposals.