| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19515 |
| 来源ID | Working Paper 19515 |
| Do People Overreact? Evidence from the Housing Market After the Wenchuan Earthquake | |
| Guoying Deng; Li Gan; Manuel A. Hernandez | |
| 发表日期 | 2013-10-10 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper uses the 2008 Wenchuan earthquake in China as a natural experiment to examine how the housing market reacted to this unforeseen, extreme event. We use a unique transaction dataset for new (under construction) apartment units to analyze the pricing behavior of units in lower versus upper floors before and after the earthquake. We observe that average housing prices decreased after the tremor. However, the relative price of low to high floor units, particularly units located in the first and second floor, considerably increased for several months after the earthquake. This relative pricing pattern is in line with a higher risk perception and fear, triggered after the tremor, of living in upper floors. Additional robustness checks support the apparent overreaction of individuals to a dramatic event. |
| 主题 | Environmental and Resource Economics ; Environment ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w19515 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577188 |
| 推荐引用方式 GB/T 7714 | Guoying Deng,Li Gan,Manuel A. Hernandez. Do People Overreact? Evidence from the Housing Market After the Wenchuan Earthquake. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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