Behavioral Finance Insights into Land Management: Decision Aggregation and Real Estate Market Dynamics in China

被引:1
作者
Cho, Sung-woo [1 ]
Jung, Jin-young [2 ]
机构
[1] Gachon Univ, Coll Business, Seongnam Si 13120, South Korea
[2] Inha Univ, Coll Business Adm, Incheon 22212, South Korea
关键词
real estate; sustainable development; behavioral finance; decision aggregation; herding effect; availability bias; STOCK-MARKET; URBAN CHINA; MODEL; CHOICE; BUBBLE; RISK;
D O I
10.3390/land13091478
中图分类号
X [环境科学、安全科学];
学科分类号
08 ; 0830 ;
摘要
The interplay between land management and real estate market dynamics is critical for sustainable development. This study employs behavioral finance theory to explore how irrational behaviors among key market participants, including developers, consumers, and brokers, influence housing prices in China. By examining decision aggregation processes and sociocultural influences, we identify significant behavioral factors such as overconfidence, herding behavior, and availability bias that contribute to real estate price fluctuations. Our empirical analysis, based on data from 2001 to 2018, reveals how these behaviors impact market outcomes and provides insights for improving land administration systems. The findings offer valuable perspectives for policy and strategy development aimed at stabilizing housing markets, promoting sustainable real estate practices, and supporting the achievement of sustainable development goals (SDGs). This research underscores the importance of integrating behavioral finance into land management to enhance the efficiency and security of land tenure systems.
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页数:21
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