In this paper we demonstrate that price-to-income ratio （PIR） is the most precise indicator of measuring bubble levels in China＇s urban hoasing market under current conditions. We have built a model to measure the ...In this paper we demonstrate that price-to-income ratio （PIR） is the most precise indicator of measuring bubble levels in China＇s urban hoasing market under current conditions. We have built a model to measure the reasonable PIR ceiling. Based on current mortgage rates, loan terms and down payment ratios, we conclude that the reasonable PIR for China ＇s urban residents should lie between 4.38-6.78 and should not exceed 7. 7hen, using statistical data, we calculate current PIR in China ＇s major cities. With reference to proper PIR, we conclude the existence of bubbles in China ＇s urban housing market; in particular, bubbles hace grown enormously large in some first-tier cities, which pose a huge financial risk. Based on the above analysis, we propose some policy suggestions to carefully deflate the bubbles in these housing markets.展开更多
This paper considers a variant of the classical facility location game called the uncapacitared facility location game with penalties （UFLGWP）. Unlike the standard UFLG, each client in the UFLGWP is either assigned ...This paper considers a variant of the classical facility location game called the uncapacitared facility location game with penalties （UFLGWP）. Unlike the standard UFLG, each client in the UFLGWP is either assigned to an open facility or rejected by paying a penalty. The authors propose a 3-approximate cross-monotonic cost-sharing method for the UFLGWP.展开更多
文摘In this paper we demonstrate that price-to-income ratio （PIR） is the most precise indicator of measuring bubble levels in China＇s urban hoasing market under current conditions. We have built a model to measure the reasonable PIR ceiling. Based on current mortgage rates, loan terms and down payment ratios, we conclude that the reasonable PIR for China ＇s urban residents should lie between 4.38-6.78 and should not exceed 7. 7hen, using statistical data, we calculate current PIR in China ＇s major cities. With reference to proper PIR, we conclude the existence of bubbles in China ＇s urban housing market; in particular, bubbles hace grown enormously large in some first-tier cities, which pose a huge financial risk. Based on the above analysis, we propose some policy suggestions to carefully deflate the bubbles in these housing markets.
基金supported by the National Natural Science Foundation of China under Grant Nos.60773185 and 11071268Program for Beijing Excellent Talents
文摘This paper considers a variant of the classical facility location game called the uncapacitared facility location game with penalties （UFLGWP）. Unlike the standard UFLG, each client in the UFLGWP is either assigned to an open facility or rejected by paying a penalty. The authors propose a 3-approximate cross-monotonic cost-sharing method for the UFLGWP.
