Behavioural Economic Analysis of Institutional Changes: Lessons Learned from China's Land System Reforms...

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Helen Bao Lei Feng

Behavioural Economic Analysis of Institutional Changes

Lessons Learned from China's Land System Reforms

Helen Bao, Lei Feng

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Hardback

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English

Routledge
15 September 2025

Regional studies; Political economy; Property & real estate; Property law; Civil engineering, surveying & building

Series: Routledge Studies in International Real Estate

This book examines the evolution of China’s rural land system through an integrated lens of institutional and behavioural economics. It traces seventy years of reform, from collective farming to market-oriented land transfers, to explain how central policy, local implementation and farmers’ responses interact to shape institutional change. Moving beyond standard accounts focused on property rights and transaction costs, the book introduces a dynamic framework based on Prospect Theory, incorporating cognitive biases, social norms and bounded rationality. Drawing on two large-scale rural household surveys, the book combines empirical analysis with historical case studies to explore how reforms were received, adapted and resisted.

This book will benefit researchers, policymakers and graduate students interested in institutional change, land policy or Chinese rural development. It offers new tools to understand policy implementation in environments marked by uncertainty, decentralisation and informal constraints. By highlighting how behavioural factors mediate formal rules, the book provides insights that extend beyond China, informing the design of effective land and property rights reforms globally.

By: Helen Bao, Lei Feng
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 620g
ISBN: 9781032867366
ISBN 10: 1032867361
Series: Routledge Studies in International Real Estate
Pages: 240
Publication Date: 15 September 2025
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Hardback
Publisher's Status: Active

Helen Bao is a Professor in the Department of Land Economy, University of Cambridge, UK. Lei Feng is a Professor in the Department of Land and Real Estate Management, School of Public Administration and Policy, Renmin University of China.