Nonlinear delay difference equations for housing dynamics assuming heterogeneous backward-looking expectations  

作　　者：梁以德 徐佳娜 崔詠芯 

机构地区：[1]Department of Building and Construction,City University of Hong Kong,China

出　　处：《Applied Mathematics and Mechanics(English Edition)》2007年第6期785-798,共14页应用数学和力学（英文版）

摘　　要：China＇s first interest rate hike during the last decade, aiming to cool down the seemingly overheated real estate market, had aroused more caution on housing market. This paper aims to analyze the housing price dynamics after an unanticipated economic shock, which was believed to have similar properties with the backward-looking expecta- tion models. The analysis of the housing price dynamics is based on the cobweb model with a simple user cost affected demand and a stock-flow supply assumption. Several nth- order delay rational difference equations are set up to illustrate the properties of housing dynamics phenomena, such as the equilibrium or oscillations, overshoot or undershoot and convergent or divergent, for a kind of heterogeneous backward-looking expectation models. The results show that demand elasticity is less than supply elasticity is not a necessary condition for the occurrence of oscillation. The housing price dynamics will vary substantially with the heterogeneous backward-looking expectation assumption and some other endogenous factors.China＇s first interest rate hike during the last decade, aiming to cool down the seemingly overheated real estate market, had aroused more caution on housing market. This paper aims to analyze the housing price dynamics after an unanticipated economic shock, which was believed to have similar properties with the backward-looking expecta- tion models. The analysis of the housing price dynamics is based on the cobweb model with a simple user cost affected demand and a stock-flow supply assumption. Several nth- order delay rational difference equations are set up to illustrate the properties of housing dynamics phenomena, such as the equilibrium or oscillations, overshoot or undershoot and convergent or divergent, for a kind of heterogeneous backward-looking expectation models. The results show that demand elasticity is less than supply elasticity is not a necessary condition for the occurrence of oscillation. The housing price dynamics will vary substantially with the heterogeneous backward-looking expectation assumption and some other endogenous factors.

关 键 词：housing price dynamics delay rational difference equations equilibrium and oscillations convergent and divergent overshoot and undershoot 

分 类 号：O241.84[理学—计算数学] O175.4[理学—数学]