| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16133 |
| DP16133 Housing market discount rates: Evidence from bargaining and bidding wars | |
| Hans Koster; Jan Rouwendal | |
| 发表日期 | 2021-05-10 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We show that time preferences are paramount in understanding sellers' list price-setting. To measure discount rates from data on house sales, we set up a methodology that retrieves discount rates in settings of bilateral bargaining between one seller and one prospective buyer, as well as bidding wars where multiple prospective buyers make a bid. Using data on more than 1 million housing sales in the Netherlands with information on list prices, sales prices, and time-on-the-market, and addressing endogeneity concerns, we show that the implied short-run discount rates are between 30 and 60%. As these rates are an order of magnitude above the prevailing market interest rates, sellers seem to undervalue the gains associated with higher list prices that come at the cost of a longer average time-on-the-market. |
| 主题 | Financial Economics ; International Trade and Regional Economics |
| 关键词 | Home seller behaviour List price Sales price Sales time Time preference Bidding wars |
| URL | https://cepr.org/publications/dp16133 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545107 |
| 推荐引用方式 GB/T 7714 | Hans Koster,Jan Rouwendal. DP16133 Housing market discount rates: Evidence from bargaining and bidding wars. 2021. |
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