Dynamic Housing Price Based on Adaptive Expectation

摘要

Based on game theory and expectations hypothesis this paper has analyzed the dynamic relation between real estate developers and consumers. The housing prices game model concerning the expected price adjustment of supplier and consumer is discussed .Through introducing regulative parameters into the model the players’ game behavior is demonstrated. The adaptive expectation theory and unequilibrium cobweb models are used to analyze the system complexity .Numerical simulations show the dynamic game behavior. It will cost much longer time for supplier’s expected price to fit together with that of consumer’s when the regulative parameter is large, but if decrease the regulative parameter properly it’ll need shorter time for them to coincide with each other. In some degree this work has practical meanings for keeping the stability of real estate market.