住宅需求者之最適房價與效用

• Main Authors: Wu-Tien Chung, 鐘戊典
• Other Authors: Chih-Hsing Hung
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/65874296366666773668

碩士 === 國立高雄第一科技大學 === 金融研究所 === 104 === It is a common opinion that house price had deviated from the normal price after five cycles from boom to bust in the real estate, and salaried class cannot hold. However, many factors affect the house price, and house has both consumption function and investment motive. The study based on the model of Campbell & Cocco (2015) and obtain several important parameters for affecting house consumption after derive form an utility maximization model. Then, simulate the model with numbers for quantized parameters. Finally, the results from model: initial price, house preference, income tax rate are positive, loan-to-value(LTV) and the importance of terminal wealth and property tax rate are negative, further, average growth of real house price has both positive and negative relative house consumption.