ECONOMIC RESEARCH IN LAND AND HOUSING MARKETS IN SINGAPORE: MARKET EFFICIENCY, SOCIAL CONNECTIONS AND POLITICAL ECONOMY

Abstract

The thesis focuses on the behavior of developers and the government in the land market and the housing market. Developers and the government are two of the most critical players in the land market and the housing market. The behavior of developers in extreme market states is critical; thus, in Chapter 2, I compare land bidding behavior in the low-volatility states and the extreme-volatility states. In Chapter 3, I study the effect of social interactions on land bidding behaviors as well as on the subsequent development process. Chapter 4 examines the distortion effect of the government’s electoral incentives on housing upgrading programs and housing externality.