本文分析了经济适用房和回购政策对消费者福利的影响。分析表明,不考虑回购政策,由于经济适用房分流了住房需求,在总体上降低了商品房的价格,同时提高了低收入者和高收入者的福利。一旦考虑回购政策,则已购房者的福利会受到强烈的不利影响,结合李嘉图等价命题,潜在的经济适用房的需求会大幅度降低从而间接推高商品房价格。 This article analyzes the impact of affordable housing and repo policies on consumer welfare. The analysis shows that, irrespective of the repurchase policy, due to the diversion of affordable housing demand for housing, in general, the price of commercial housing has been reduced, while the welfare of low-income earners and high earners increased. Once the repurchase policy is considered, the welfare of the homebuyers will be strongly adversely affected. Combined with the Ricardian equivalent proposition, the demand for potential affordable housing will be greatly reduced to indirectly push up the prices of commercial housing.