Abstract：The housing prices in many Asian cities have grown rapidly since mid-2000s, leading to many reports of bubbles. Such reports remain controversial since there is no widely accepted definition of what a housing bubble is. Previous studies have focused on indices, or assumed that home prices are lognomally distributed. In a recent study, we look at housing transactions for Singapore (1995 to 2014) and Taiwan (2012 to 2014), and found strong evidence that the equilibrium home price distribution is a decaying exponential crossing over to a power law, after accounting for different housing types. We found positive deviations from the equilibrium distributions in Singapore condominiums and Zhu Zhai Da Lou in the Greater Taipei Area. We extended this further to include other cities in the world. We also propose a theoretical framework inspired by physical thermodynamics to explain the housing price distributions in cities.
李世炳（Li Sai-Ping） 教授，香港中文大学毕业，美国西雅图华盛顿大学博士，澳门金莎娱乐网站讲座教授，台湾省“中研院”研究员。主要研究方向集中于金融及社会复杂系统。