Gateway to Think Tanks
来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP14147 |
DP14147 Reference Dependence in the Housing Market | |
Lu Liu; Julie Marx | |
发表日期 | 2022-02-07 |
出版年 | 2022 |
语种 | 英语 |
摘要 | We quantify reference dependence and loss aversion in the housing market, using a structural model of the house selling decision estimated on rich Danish administrative data. Households derive substantial utility from gains and losses over the original house purchase price, with losses affecting households 2 to 2.5 times more than gains. The model shows that reference dependence and loss aversion, in combination with household responses to mortgage down-payment constraints can help to explain the positive correlation between aggregate house prices and turnover. The model cannot fully explain the new empirical observation that reference-dependence appears attenuated when households are more financially constrained. |
主题 | Financial Economics |
关键词 | Housing Mortgages Loss aversion Reference dependence Down-payment constraints |
URL | https://cepr.org/publications/dp14147-0 |
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/545961 |
推荐引用方式 GB/T 7714 | Lu Liu,Julie Marx. DP14147 Reference Dependence in the Housing Market. 2022. |
条目包含的文件 | 条目无相关文件。 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Lu Liu]的文章 |
[Julie Marx]的文章 |
百度学术 |
百度学术中相似的文章 |
[Lu Liu]的文章 |
[Julie Marx]的文章 |
必应学术 |
必应学术中相似的文章 |
[Lu Liu]的文章 |
[Julie Marx]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。