Study On Operation Law Of Housing Markert In The Process Of Urbanzation

With the pace of urbanization is accelerating, the continuous creasing in urban population and urban land increasingly scarce become a contradiction of bounding the urban sustainable development. Therefore, the Government has adopted a series of policies and measures including the commercialization of housing distribution and "to build affordable housing as the main body, including commercial housing and cheap renting housing supply system" to compensate for market failure. But because of the information asymmetry in housing market and the inconsistency in self-interest of market participants, leading to government regulation failures. This paper is in the background of China's urbanization development, trying to use game theory to build a model suitable for China's housing market characteristics, and to identify the operation of housing market by analyzing the model. On this basis, further to the feasible scientific policy advice, and government regulation program provision conducive to the stable development of housing market.The main content of this paper is expressed as follow:Chapter one gives an introduction of research background, research purpose and research approach.Chapter two summarizes the research status of laws of the real estate market operation and models of the housing market at home and abroad and puts forward the theoretical value and practical significance in this paper.Chapter three analyzes the feasibility of building a game theory model of the housing market theoretically, including the definition of the housing market and the connotation and extension of its concept of operation, the hypotheses put forward in this paper, the game theory and the principal-agent theory discussed briefly, and the practical basis for theory using expounded. Chapter four is the key part of this paper. Firstly, the process of constructing the game model has been introduced in detail, including: a) Symbolizing the assumptions on the type , information , action profile and payoff function of players, and external parameters as well. b) According to the information structure of the housing market, the mechanism design theory is use to build model, including the official design of land supply mechanism when the developers with different costs choose the developing land type, the official design of housing supply mechanism when house buyers with different income choose the type of housing. c) Solving the equilibrium solution of functions: find out an equilibrium result under each player in the mechanism to maximize their utilities. This was followed by an analysis of the results: according to the exogenous variables is variable or not and is subject to the marginal impact of alternative markets or not, the paper analyzed the short-term static internal equilibrium, the market equilibrium adjustment within speculative behavior and the dynamic stable equilibrium allowing marginal impact, as well as the long-term market operation law allowing the general impact of exogenous variables.Chapter five is the empirical part of this paper. The related quarterly data about incremental housing market in Beijing since 2001 has been selected and for indexing treatment. The Eviews measuring software is used in the establishment of linear regression model. As a result, the equilibrium solution of game theory model is approved by the significant, autocorrelation and cointegration tests. And on the basis of empirical test further to explain the difference among various operation laws.Chapter six firstly sums up the conclusions of this paper, including: a) The incremental housing market is running under the rules of equilibrium strategy of various players in the game. b) The rapid increase in housing price is closely related to the unbalanced structure of the current housing market supply. c) The governmental regulation of the housing market supply structure is the key to influencing the market trend. d) The operation law of incremental housing market varies in different time-span. Secondly four specific suggestions are given according to the related government policy. Finally, a few of prospects on following empirical perfection and theory extension study on relevant issues are predicted considering the research object this paper presumed.