The comments in the general discussion centered on the behavioral responses to population aging and changing property prices. Yan Shen noted that population aging was not only an important feature in Japan but also in China. In China, it has led to discussions about the possibility of raising the retirement age, which would lower the dependency ratio. Bhanupong Nidhiprabha suggested including credit into the analysis to allow modeling the response of the central bank to property price changes, and technological advancements. Nidhiprabha expected that improvements in technology, which reduce transportation costs and, in particular, commuting times, could have a substantial impact on property prices. A further point on behavioral responses was raised by Zhao Chen. Chen conjectured that younger generations would leave smaller cities to migrate to larger cities, which would put upward pressure on land prices in larger cities and downward pressure in smaller ones.
Iris Claus pointed out...