Optimal Housing Capacity is affected by Consumers Preference, Risk Aversion, and Bequest Motive

[[abstract]]本研究以Campbell&Cocco(2015)與洪志興(2017)的效用極大化模型為基準加以推導，並將參數帶入新模型求得最適房價。本文主要研究住宅偏好程度(θ)、風險規避係數(γ)以及最終財富的重要性(s)在不同的情況下，對最適房價(P^*)之影響。研究結果顯示，住宅偏好程度與風險規避係數對於最適房價影響呈正相關；最終財富的重要性對於最適房價影響呈負相關。其中以風險規避係數對最適房價最具影響力，其次為住宅偏好。[[abstract]]Thisstudyisbasedontheutility-maximizingmodelofCampbell&Cocco(2015)andHung(2017),thentakestheparametersintothenewmodeltoobtaintheoptimalhousingprice.Thispaperfocusesontheimpactofconsumptionpreference,riskaversionandbequestmotiveontheoptimalhousepriceindifferentcases.Theresultsthatshowtherelationbetweenconsumptionpreferenceandtheriskaversionarepositive.Therelationshipofterminalwealthissignificantlynegative.Amongthem,theriskaversioncoefficienttotheoptimalpriceisthemostinfluential,followedbyresidentialconsumptionpreferences