简介:Thisresearchaimstotestthehousingpricedynamicswhenconsideringheterogeneousboundedlyrationalexpectationssuchasnaiveexpectation,adaptiveexpectationandbiasedbelief.Thehousingmarketisinvestigatedasanevolutionarysystemwithheterogeneousandcompetingexpectations.Theresultsshowthatthedynamicsoftheexpectedhousingpricevariessubstantiallywhenheterogeneousexpectationsareconsideredtogetherwithsomeotherendogenousfactors.Simulationresultsexplainsomestylizedphenomenasuchasequilibriumoroscillation,convergenceordivergence,andover-shootingorunder-shooting.Furthermore,theresultssuggestthatvariationoftheproportionofgroupsofagentsisbasicallydependentontheselectedstrategies.Italsoindicatesthatcontrolpoliciesshouldbechosencarefullyinconsistencewithauniquerealestatemarketduringauniqueperiodsincecertainparameterportfoliomayincreaseorsuppressoscillation.