Quality of Real Estate in Spatial Competition

摘要：

Quality of real estate is always a critical element for house buyer to make choice of house purchasing.This study analyses the market for quality of real estate when house buyers choice depends on the quality/distance mix that achieves utility maximization.First,the real estate developers equilibrium in a Hotelling spatial competition model under simultaneous quality choices is analyzed to define real estate developers strategic behavior.A first equilibrium outcome is provided,the understanding of which is extremely useful for the policy maker wishing to improve social welfare.Second,house buyers are assumed to be unable,because of asymmetry of information,to observe the true quality provided.Their decisions reflect the perceived quality,which is affected by bias.Using the mean- variance method,the equilibrium previously found is investigated in a stochastic framework.

关键词： hotelling house buyers choice of housing purchase house location quality of house

作者: SUN Lu GUAN Ming TIAN Jinxin

作者单位: Business School, Harbin University of Commerce Graduate School of Harbin Engineering University Department of Construction and Real Estate,Harbin Institute of Technology, Harbin, China 150001 Department of Construction and Real Estate, Harbin Institute of Technology, Harbin, China

会议类型: 国际会议

会议名称: 2006 International Conferncen on Construction & Real Estate Management(2006建筑与房地产管理国际会议)

会议地点: 美国奥兰多

会议语种:英文

页码: 1596-1598

在线出版日期: 2006-10-05（万方平台首次上网日期，不代表论文的发表时间）