Improved Multi-Objective Optimization Model for Policy Design of Rental Housing Market

Xiaotong Guo, Lingyan Li, Haiyan Xie and Wei Shi
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Xiaotong Guo: School of Management, Xi’an University of Architecture and Technology, Xi’an 710055, China
Lingyan Li: School of Management, Xi’an University of Architecture and Technology, Xi’an 710055, China
Haiyan Xie: Department of Engineering, University of Cambridge, Cambridge CB3 0FA, UK
Wei Shi: Department of Engineering, University of Cambridge, Cambridge CB3 0FA, UK

Sustainability, 2020, vol. 12, issue 14, 1-23

Abstract: Renting is, like owning a house, a way to realize residence rights, playing an important role in maintaining the equilibrium of the housing market. The lack of attention paid to policy design of the rental housing market causes low effectiveness in the housing resource flow and allocation at both local and national levels. Thus, we propose a novel design framework and process of public policy, in particular the development policy for the rental housing market. This innovative approach abstracts the policy design process into a solution-formation process for a high-dimensional and multi-objective optimization problem. First, based on opinion mining, using co-occurrence networks, text mining and other methods, in addition to authoritative literature and expert opinions from the Chinese Social Sciences Citation Index (CSSCI) as data sources, the objective function and the constraint function coefficients were determined to construct a multi-objective function of rental housing market policy. Second, this paper proposes a two-stage evolutionary high-dimensional multi-objective optimization algorithm based on the Pareto dominance relationship to solve high-dimensional multi-objective functions. Finally, we designed a rental housing policy tool-mix selection system-modeling process and obtained six sets of feasible solutions and objectives after 300,000 simulations. Therefore, the policy tool-mix selection system presented in this study effectively supports the policymaking process.

Keywords: policy design; multi-objective optimization algorithm; policy tool mix; rental housing market; China (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
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