G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14147
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
URLhttps://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.
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