Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 梁天卓教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.chieco.2012.10.003 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/3WOS source URL
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/4Scopus source URL
其它资讯
摘要In this paper we develop a simple model with anchoring and loss aversion to explain house price dynamics. The model has two testable implications: 1) when both cognitive biases are present, price dispersion and trade volume are pro-cyclical; 2) if anchoring decreases with time, then price dispersion and trade volume are higher for transactions with a previous purchase that is more recent. Using a data set that contains most real estate transactions in Hong Kong from 1992 to 2006, we find anchoring and loss aversion to be important, and the results are robust to type of housing and sample period. The finding is consistent with the strong correlations among house price, price dispersion, and volume found in the data. Moreover, anchoring, price dispersion and volume decrease with time since previous transaction. Our results suggest that anchoring and loss aversion contribute to the cyclicality of the housing market. ? 2012 Elsevier Inc.
着者Leung T.C., Tsang K.P.
期刊名称China Economic Review
出版年份201http://aims.cuhk.edu.hk/converis/portal/Publication/3
月份http://aims.cuhk.edu.hk/converis/portal/Publication/3
日期1
卷号2http://aims.cuhk.edu.hk/converis/portal/Publication/4
期次1
出版社Elsevier BV
出版地Netherlands
页次http://aims.cuhk.edu.hk/converis/portal/Publication/42 - 5http://aims.cuhk.edu.hk/converis/portal/Publication/4
国际标準期刊号10http://aims.cuhk.edu.hk/converis/portal/Publication/4http://aims.cuhk.edu.hk/converis/portal/Publication/3-951X
电子国际标準期刊号187http://aims.cuhk.edu.hk/converis/portal/Publication/3-7781
语言英式英语
关键词Anchoring, Housing market, Loss aversion, Price dispersion
