关键词: 演化金融 , 异质预期 , 房价泡沫

Abstract: This paper divides the expectations of housing market investors into two categories of robust expectations and risky expectations，and measures the impacts of heterogeneous expectations on the formation of housing price bubbles when the investors can alter their expectations according to the market dynamics based on the evolutionary finance methodsFurthermore，we identify the types of different cities housing price bubbles and find risky expectations play dominant roles in the formation of housing price bubbles while the impacts of robust expectations are also significant and the main housing price bubbles type of east region cities is strong risky expectations and strong robust expectations while middle and west region cities is weaken robust expectations

Key words: evolutionary finance , heterogeneous expectations , housing price bubbles