Real Estate Market under Catastrophic Change

• Authors: M. Bełej , S. Kulesza
• Languages of publication: EN

Abstracts

EN

Within the last decade, real estate prices in Poland have changed significantly. We believe that these prices inevitably reflect the dynamics of the real estate market, and therefore they can be used to track its evolution path. To study whether and how the prices (regarded as a state variable) change over time depending on such control variables as gross domestic product and central bank interest rates, the theory of discontinuous change (also known as the catastrophe theory) was used. Catastrophic model assumes that small price fluctuations are associated with stable, long-term development of the market, whereas rapid changes are always due to short-term instabilities. In such a picture, the system evolution path draws a smooth curve within the stability area passing continuously between neighboring equilibrium states, and it rarely enters into the instability area to jump over the potential barrier to another equilibrium state.

Keywords

EN

05.45.-a; 89.20.-a; 89.65.Gh

Discipline

• 05.45.-a: Nonlinear dynamics and chaos(see also section 45 Classical mechanics of discrete systems; for chaos in fluid dynamics, see 47.52.+j; for chaos in superconductivity, see 74.40.De)
• 89.20.-a: Interdisciplinary applications of physics
• 89.65.Gh: Economics; econophysics, financial markets, business and management(for economic issues regarding production and use of renewable energy, see 88.05.Lg)

• Publisher: Institute of Physics, Polish Academy of Sciences
• Journal: Acta Physica Polonica A
• Year: 2013
• Volume: 123
• Issue: 3
• Pages: 497-501

Dates

published

2013-03

Contributors

author

M. Bełej

• Department of Real Estate Management and Regional Development, University of Warmia and Mazury in Olsztyn R. Prawocheńskiego 15, 10-720 Olsztyn, Poland

author

S. Kulesza

• Chair of Relativistic Physics, University of Warmia and Mazury in Olsztyn Słoneczna 54, 10-710 Olsztyn, Poland

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Identifiers

DOI

10.12693/APhysPolA.123.497