多重价格区间与购房者的选择行为——兼论房价持续上涨的原因

Multiple Price Ranges and Choice Behaviors of Buyers: the Causes of the Rising Price of Housing

在不完全制度性隔离状态下,商品房的居住性需求和投资性需求无法有效区别,会产生投资性需求对居住性需求的挤出效应。从需求角度看,"混合需求引致"将造成房价不断上涨;从供给角度看,土地供给成本和土地垄断租金上涨、房屋开发成本上升、房地产利润远高于社会平均利润等助推了房价上涨。受需求二重性和供给垄断性影响,商品房的价格均衡是双重的。与此相对应,在卖方市场状况下,利用信号发送和识别模型发现商品房购买者的选择行为会出现分离均衡、混同均衡和半分离均衡。要抑制高房价就需要实现房屋供给主体的多元化,抑制投资性需求,保护和释放居住性需求,规制地方政府过高的土地增值收益,规制房地产开发商过高的垄断收益。

Under the incomplete - institutional isolation, the residential demand and investment demand for commercial housing are not effectively distinguished, and the investment demand will crowd out the residential demand. From the perspective of the demand side, ＂mixed demand＂ may push up housing prices. From the perspective of the supply side, some causes raised up the price of housing, such as the rising land cost and land monopoly rent, cost of housing development going up, much higher real estate profits, etc. Influenced by duality of demand and monopoly of supply, equilibrium prices of commercial housing are two - fold. Accordingly, under the seller＇ s market conditions, by using the signal transmission and recognition model, this paper found that buyers＇ choice behaviors will appear separating equilibrium, pooling equilibrium and half separating equilibrium. To curb the higher housing prices, it needs to realize the diversity of housing supply, to control investment demand, protect and release the residential demand, to regulate the local government＇ higher land increment income, as well as to regulate the higher monopoly profits in real estate industry.