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Individual Decision and Institutional Evolution: the Bankruptcy of Households and Financial Institutions in the Real Estate Bubble

Lu Lei Li Shihong  
This paper studies real estate investment decision and rational bubble by an overlapping generation model. Conclusions are as follows. First, expected income and price are two factors for investment. Second, expected income is a random variable which affected by institutional evolution, and hence, over demand and over loan are possible. Third, bubble path is created by interaction between investment and expected price. Finally, the gap between expect and actual income leads to households bankruptcy and nonperforming loans of banks.
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