Chapter
Nov 18, 2014
Research on the Influence of the Inter-Temporal Consumption to Real Estate Prices
Publication: ICCREM 2014: Smart Construction and Management in the Context of New Technology
Abstract
Since the 1998 national implementation of housing monetization reform, real estate - as a symbol of wealth - has been widely accepted. Existing research shows that real estate's influence on consumption should not be ignored. As a result of the real estate investment properties, in the decision-making of inter-temporal consumption, the real estate wealth effect affects the inter-temporal marginal rate of substitution of consumers, and consumers influence housing prices by making inter-temporal consumption decisions. This article introduces the CCAPM theory and, using the GMM estimation method and monthly data from November 2006 to December 2013, studied the influences of consumption to house price. The results showed that the relative risk aversion coefficient of consumers in the real estate market in China is far beyond the reasonable scope. House prices in China have a high risk premium.
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ICCREM 2014: Smart Construction and Management in the Context of New Technology
Pages: 1129 - 1138
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© 2014 American Society of Civil Engineers.
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Published online: Nov 18, 2014
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Associate Professor, Department of Applied Economics, Harbin Institute of Technology, Harbin, China, 150001. E-mail: [email protected]
Department of Applied Economics, Harbin Institute of Technology, Harbin, China, 150001. E-mail: [email protected]
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ASCE Library Cards let you download journal articles, proceedings papers, and available book chapters across the entire ASCE Library platform. ASCE Library Cards remain active for 24 months or until all downloads are used. Note: This content will be debited as one download at time of checkout.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.