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Abstract Expectation is an important factor affecting people’s economic behavior. Using the data of China Family Panel Studies(CFPS)， this paper studies the neighborhood conductive effect on residents’ house price expectations. The results show that residents’ house price expectations present a significant neighborhood conductive effect， that is， the neighbors’ house price expectations affects the individual residents’ house price expectations， and this influence is positively related. The neighborhood effect on house price expectations is different among individuals with different cognitive levels. With the improvement of residents’ individual cognitive ability， the effect decreases accordingly. At the same time， the expansion of information channels reduces the neighborhood conductive effect on the individual residents’ house price expectations， and the substitutive effect of the Internet is greater than that of TV media. The sub sample study shows that the neighborhood conductive effect of house price expectations exists significantly among the suburban residents and all age groups. The findings above are still robust after the research using the instrumental variable method and controlling various influencing factors. After testing the cluster effect and intra-city effect that may influence the findings of this paper， the results further support the conclusion of this paper.
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Received: 17 January 2022
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2022, Vol. 61 
