Veblen Effect and Game Analysis of Housing: A New Explanation for the Volume and Price Going Up Simultaneously

doi:10.16382/j.cnki.1000-5579.2017.01.021

Abstract

Abstract:

It is the consumer's expectation of future price increases, investment attribute and flaunt attribute, rigid demand for house that make commodity houses become a kind of Veblen good. The utility of a commodity house is constituted by not only its use value, but also its social utility. Using dynamic game theory to analyze the behavior between real estate development enterprise and consumers when demand curve slopes upward, this paper finds that in the current period, keeping house price rising is the optimum choice for real estate development enterprise and consumers who have bought houses, and the increase of property price will stimulate housing demand further. This is a new explanation for the volume and price going up simultaneously between 2009 and 2013.

Key words: real estate market, Veblen effect, housing price, dynamic game

QUAN Lin. Veblen Effect and Game Analysis of Housing: A New Explanation for the Volume and Price Going Up Simultaneously[J]. Journal of East China Normal University (Philosoph, 2017, 49(1): 164-171.

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