The Behavior Analysis Of China's Real Estate Market Participants

Since July 1998, the State Council issued "the notice of on the further deepening of the urban housing system reform to speed up housing construction" to the housing reform, which has been rapid development of real estate. The development of real estate industry impacts many other industries, such as the iron and steel, building materials, cement household appliances decorative. The rapid development of real estate on the role of economic growth is fairly obvious. According to the relevant data, real estate development and investment to GDP, the total contribution rate has remained above 20%; real estate development investment has also contributed to the GDP growth rate above 2%. Admittedly, the real estate industry in improving housing and urban residents in the rational planning has played an important role, but the problem of "high prices, high land prices" in our society has become a hot debate.On in-depth study of the real estate market, I consider the behavior of the subjects in the game. China's real estate market is divided into many actors: government, government officials, real estate developers, consumers, financial institutions, intermediary organizations. The classic reason people give up this assumption, from the perspective of bounded rationality actors to analyze the participation of the main acts. People are faced with a complex, uncertain world, and with the increase of decision-making type, uncertainty will be more information will become more incomplete. There is information that people access to information and processing capacity is limited, and subject to known constraints of experience and relevant information. Based on bounded rationality, the market players do not have the will and ability to achieve the goal of maximizing, but rather to achieve a satisfactory level.The government considers addressing issues related to economic growth and fiscal surpluses and facing a hard choice, not easy to balance each other. Housing reform, the Government may not have expected prices continued to rise on the economy caused by the pressure, because the beginning of a clear policy objective is very difficult. Future decision-making also has not completely predictable, there exists a finite rational being in the game, the government should find a way to multi-satisfied. Inconsistent with the objectives of government officials, will lead to decision-making in the implementation of the bias.Consumer purchase need to measure:the use value of housing, home buyers have access to happiness, and now the purchase cost of housing capital gains obtained by the appreciation of the future to improve the housing of housing required to pay the difference. Consumers do not need no ability to fully take into account the costs and benefits of the purchase. This hypothesis had to give up the rational man, with limited conditions of incomplete to predict whether the purchase of home buyers how to make this decision.This article is from the perspective of evolutionary game, the ultimate goal of government policy, government and consumer behavior analysis. In the real estate market appears a reasonable explanation of the phenomenon, and how to play the initiative of local government, how to control speculation, put forward specific proposals.