 Next to the stage, I'd like to invite Pinte Lin. Pinte is from the ANU College of Business and Economics, and the title of Pinte's presentation tonight is Real Life Monopoly. Who here has played Monopoly? Well, whenever I play, I want to win. My strategy is to buy every property I land on. Then I increase the price by building houses and hotels. To be Mr. Monopoly, I build my fortune on your misfortune. In my hometown Taipei, I have seen housing prices double in just 10 years. Sadly, the population growth and the wage growth have remained stagnant. So I ask myself, why do we live in a monopoly? In my thesis, I want to know how housing price changes in this real life monopoly. I use American data, but my argument is universal. So this matters to all of you here. At first, I look at how standard finance theory help us understand the housing market. I find the more risk we take, the more money we have. However, in reality, the theory does not explain much. I still don't know the real identity of the risk factor. Now, consider you live in Canberra with this Mr. Monopoly. Mr. Monopoly likes to buy many houses for his investment purpose, so the rest of us have no choice but to pay high rents or leave outside the city center. In my thesis, I argue, if the consequence of Mr. Monopoly's action has negative impact on our welfare, then we need protection from Mr. Monopoly. Therefore, I emphasize our government should change the game rule, so each of us here could have a fair chance of winning. In my research, I identify the related factors, such as tax and the financial liberation, to regulate the use of money. Then I'm the first to compare the impact of government intervention on housing price changes, such as 1% or 99% influence. Most importantly, I help you understand if our government play a big part in breaking this real-life monopoly. I hope my research is your user guide for understanding the impact of each game rule. To that end, everyone is a winner. Thank you very much.