| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29880 |
| 来源ID | Working Paper 29880 |
| Human-Algorithm Interactions: Evidence from Zillow.com | |
| Runshan Fu; Ginger Zhe Jin; Meng Liu | |
| 发表日期 | 2022-03-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Using bi-weekly snapshots of Zillow in three US cities, we document how home sellers and buyers interact with Zillow's Zestimate algorithm during the sales cycle of residential properties. We find that listing and selling outcomes respond significantly to Zestimate, and Zestimate is quickly updated for the focal and comparable houses after a listing or a transaction is completed. The user-Zestimate interactions have mixed implications: on the one hand, listing price depends more on Zestimate if the city does not mandate disclosure of sales information or if the neighborhood is more heterogeneous, suggesting that Zestimate provides valuable information when alternative information is more difficult to obtain; on the other hand, the post-listing update of Zestimate tracks listing price more closely in non-disclosure and heterogeneous neighborhoods, raising the concern that the feedback loop may propagate disturbances in the sales process. However, by leveraging COVID-19 pandemic as a natural experiment, we find no evidence that Zestimate propagates the initial shock from the March-2020 declaration of national emergency, probably because Zestimate has built-in guard rails and users tend to adjust their confidence in Zestimate according to observed market outcomes. |
| 主题 | Microeconomics ; Economics of Information ; Industrial Organization ; Market Structure and Firm Performance ; Industry Studies ; COVID-19 |
| URL | https://www.nber.org/papers/w29880 |
| 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/587552 |
| 推荐引用方式 GB/T 7714 | Runshan Fu,Ginger Zhe Jin,Meng Liu. Human-Algorithm Interactions: Evidence from Zillow.com. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29880.pdf（1104KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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