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House price is affected by households' expectation of future house price trend and volatility, where the expected volatility of housing capital return, indicated by variance, is defined as the housing market risk. Theoretically, risk element cannot be directly inserted in the standard housing models because most of the models are built on the underlying assumption of certainty. Extending the life-cycle model to a two-asset expected utility case with uncertainty, we show house price is affecteddoi:10.1155/2020/3943676 fatcat:jkmm36s5tzejthcxbhxm7y7cd4