The Effects Of Market Price Information On Housing Transaction Behavior: Based On Experiment

After years of development,housing market in China has gradually entered into the stage of stock market.Drawing on the experiences of the precedents in the housing markets of the developed countries,we can reasonably foresee that a larger growth space still exists in the level of trading percentage of the second-hand housing in the future domestic housing market.However,as an important reference for the decision-making process of the participants in secondary housing market,the channel and transmission efficiency of the price information in domestic market still need much room for improvement.Therefore,through carrying out the research on the influence of the market price information on the housing transactions by experiment method,observing the process of how market price information changes the behaviors of housing transactions,and analysing the substantial influence of the difference of market price information on the trading behavior can help to provide scientific advice and direction to improve the current situation of the housing market.On the analysis of current status,firstly,this thesis defines and induces the market price information,then describes and analyzes the present situation of the index of domestic price individual information and the index of overall market price information objectively,according to the results of induction,and sums up the existing problems in the current market.On the experimental research,firstly,this thesis defines the index that reflects the housing transactions and its measurement method.The method of experimental economics is used,and we learn from the classic double auction mechanism to construct the simulation experiment that can simulates the housing transactions in the market,and the z-tree software is used to conduct the experiment and ensure the integrity of the experimental data.According to the setup of different experimental mechanism,the experiments contain four kinds,which are the market with complete information,the market with incomplete information,the market with asymmetric information and the market with different sources of information.Through the collection of experimental data and calculation,we compare the indexes in different groups,and analyze the impact of market price information on behavior of housing transactions.The experimental results show that:(1)the incomplete information of market price will increase both the inquiry intention of buyers and sellers and the scope of bargaining,and generate market arbitrage opportunities;(2)the information asymmetry of market price will let the insiders be able to dominate the market,which may enlarge the expectations of a optimistic or pessimistic market;(3)the influence of different sources of market price information is similar to that of incomplete information in the early market,but the degree of influence will gradually decrease with the time of market development.The thesis suggests that:(1)improving the popularization of the Internet information platform is conducive to the sharing of market price information;(2)establishing the effective supervision mechanism of information source can improve the mutual trust of market participants and reduce the deviation of expected price;(3)establishing timely and accurate authoritative price index can become the reference of trading decision for market participants and reduce the bargaining space and cost;(4)To promote the multi development of price index,through the communion of market participants,the market price information from different sources can also be almost fully shared.The main innovations of this thesis include that:(1)the double auction experiments is used in the study of housing market,and is combined with the frame theory and addition of user demand,improve the degree of simulation to the real market;(2)based on the actual market situation,the author established a number of experimental control groups,and carried out horizontal and vertical cross comparison,in order to provide an effective basis to improve the current situation of the housing market.