s******8
发帖数: 66 | 1 现实中,房价越高，demand 越大. How to explain with the law of demand (higher
price -> lower demand). Somebody explained with right shifted demand curve,
but we can argue that right shift is caused by higher housing price. In
other words, housing demand curve looks like has an opposite curve than
other goods? | U*****e
发帖数: 2882 | 2 Demand curve shifts for many reasons, one of which is expectation. This is
especially true for investment goods such as financial securities and real
estate.
Every investor has some expectation about the value of the houses. It
depends on his own information; because one's own information is limited,
other people's expectations may also be useful. It is quite natural that
when market prices and units sold increases, implying that other investors'
expectation increase, then it causes every invest | s******8
发帖数: 66 | 3 Thanks for you input, I appreciate it. | U*****e
发帖数: 2882 | 4 I have some comments:
(1) If you can let prices increase for reasons other than expectation
(such as supply, stable economy, population change), those changes will
automatically change expectation. In real life, you can not seperate
them
apart.
Then your question is empirical. The answer has to be specific too.
Consider some temporary shocks that do not have long term impact. For
example, a month of strike of construction worker will affect the
construction of new houses, so the short-term suppl | s*********5
发帖数: 514 | 5 现实中,房价越高，demand 越大
我认为这个结论本身就有问题。
关键在于你肯定找不到相同的历史时期来比较。
同样的城市，同样的工资收入，同样的利率，同样数量的居民，同样数量的投资人群，
等等
这些数据一变化，你的结论就不是在同一条河流了。
外在条件变了，讨论什么law之类的也就毫无意义。
No scientific conclusion can be reached under different experiment
conditions.
当然经济学不是严格意义上的science,所以要总结law也要特别小心。 |
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