The present study explains the reasons for the imbalanced development of the Chinese housing market. Using the quantile autoregression unit-root test, we examine housing prices in China＇s five major cities. The resul...The present study explains the reasons for the imbalanced development of the Chinese housing market. Using the quantile autoregression unit-root test, we examine housing prices in China＇s five major cities. The results show that the rising and falling of housing prices in these cities exhibits asymmetric reversion. When housing prices fall, market capital is highly sensitive to housing prices, and housing prices resist the pressure to faU further. However, when housing prices rise, the housing market becomes imbalanced, with housing prices tending to overreact in an upturn. The results of this study indicate that when housing prices rise irrationally, the government should intervene in the housing market promptly to prevent housing bubbles.展开更多
Considering a periodic review system where the online seller allows the customers to pay when the products are delivered to them(referred as cash-on-delivery payment scheme in this paper),the authors investigate the s...Considering a periodic review system where the online seller allows the customers to pay when the products are delivered to them(referred as cash-on-delivery payment scheme in this paper),the authors investigate the seller's joint pricing and inventory control policy with a finite planning horizon.In particular,the authors incorporate the customers' possible order cancellation behavior with the cash-on-delivery scheme.It can be proven that the base-stock list price policy is optimal under mild conditions.The authors also analyze the impact of the customers' forward looking behavior on the optimal policy.展开更多
文摘The present study explains the reasons for the imbalanced development of the Chinese housing market. Using the quantile autoregression unit-root test, we examine housing prices in China＇s five major cities. The results show that the rising and falling of housing prices in these cities exhibits asymmetric reversion. When housing prices fall, market capital is highly sensitive to housing prices, and housing prices resist the pressure to faU further. However, when housing prices rise, the housing market becomes imbalanced, with housing prices tending to overreact in an upturn. The results of this study indicate that when housing prices rise irrationally, the government should intervene in the housing market promptly to prevent housing bubbles.
基金supported by the National Natural Science Foundation of China under Grant Nos.71201175,71301032,and 71171088Guangdong Natural Science Foundation under Grant Nos.S2011040001069 and S2012040008081Guangdong Educational Bureau Humanity&Social Science Fund under Grant No.2013WYXM0001
文摘Considering a periodic review system where the online seller allows the customers to pay when the products are delivered to them(referred as cash-on-delivery payment scheme in this paper),the authors investigate the seller's joint pricing and inventory control policy with a finite planning horizon.In particular,the authors incorporate the customers' possible order cancellation behavior with the cash-on-delivery scheme.It can be proven that the base-stock list price policy is optimal under mild conditions.The authors also analyze the impact of the customers' forward looking behavior on the optimal policy.
