Arbeitspapier
Heterogeneous expectations, boom-bust housing cycles, and supply conditions: A nonlinear dynamics approach
We combine a standard stock-flow housing market model, incorporating explicit relationships between house prices, the housing stock, and the rent level, with a parsimonious expectation formation scheme of housing market investors, reflecting an evolving mix of extrapolative and regressive expectation rules. The model results in a two-dimensional discrete-time nonlinear dynamical system. Based on realistic parameters, the model is able to generate endogenous boom-bust housing market dynamics with lasting periods of overvaluation and overbuilding. We thus exploit our model to investigate how real forces, in particular supply conditions, interact with expectations-driven housing market fluctuations.
- ISBN
-
978-3-943153-16-3
- Sprache
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Englisch
- Erschienen in
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Series: BERG Working Paper Series ; No. 99
- Klassifikation
-
Wirtschaft
Expectations; Speculations
Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
Housing Supply and Markets
- Thema
-
Housing markets
Speculation
Housing supply
Boom-bust cycles
Nonlinear dynamics
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dieci, Roberto
Westerhoff, Frank
- Ereignis
-
Veröffentlichung
- (wer)
-
Bamberg University, Bamberg Economic Research Group (BERG)
- (wo)
-
Bamberg
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Dieci, Roberto
- Westerhoff, Frank
- Bamberg University, Bamberg Economic Research Group (BERG)
Entstanden
- 2015
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