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Author: Mateusz Tomal
Publisher:
Published: 2024
Total Pages: 0
ISBN-13: 9781003512004
DOWNLOAD EBOOK"This book aims to provide a comprehensive analysis of the so-called "endowment effect" in the housing market. In a nutshell, the phenomenon of overvaluing things we own which was first conceptualised in 1980 and has since been one of the most studied behavioural biases in economics"--
Author: Mateusz Tomal
Publisher: Taylor & Francis
Published: 2024-08-14
Total Pages: 129
ISBN-13: 1040156398
DOWNLOAD EBOOKThis book aims to provide a comprehensive analysis of the so-called “endowment effect” in the housing market. In a nutshell, the phenomenon of overvaluing things we own which was first conceptualised in 1980 and has since been one of the most studied behavioural biases in economics. The first chapter presents a systematic review of the literature on the endowment effect in the housing market, together with the identification of research gaps to be filled by other researchers. The second chapter aims to propose a theoretical model explaining the strength of the endowment effect in sales and rental housing markets by primary and secondary markets. The last chapter presents the results of empirical research on the endowment effect in the Polish housing market, testing the model presented in Chapter 2. The chapters can be read together or independently by researchers, students, and policymakers interested in behavioural economics in housing and real estate. For policymakers, the book can be extremely useful as the endowment effect can create friction in the housing market because of a mismatch between the price demands of sellers and buyers, especially in countries where the level of market professionalisation is low (such as Poland). Thanks to the empirical research contained in this book, it will be possible to identify specific market segments where the endowment effect may be particularly elevated – on such segments, policymakers should introduce actions contributing to the elimination of this behavioural bias.
Author: Lucas Pipes
Publisher:
Published: 2008
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKAuthor: Helen Bao
Publisher: Routledge
Published: 2020-02-25
Total Pages: 167
ISBN-13: 0429651317
DOWNLOAD EBOOKThis book takes a behavioural approach to examine six important housing questions: tenure decision, gentrification, place attachment, housing bubbles, housing wealth, and residential satisfaction. Using experimental and field data, the book demonstrates the effects of six behavioural biases and heuristics (i.e., anchoring and reference dependence, loss aversion, mental accounting, endowment effect, herd behaviours, and social comparison) on these housing decisions. The first part of the book introduces the questions and provides a behavioural science toolbox before the second part adopts a real-world case study approach. Real data sets and suggested answers are provided, and the cases come from the UK, USA, and China. Background information is given in each case to facilitate the understanding of the case data and question, as well as the discussions on the results. This book is ideal supplementary reading on a variety of courses such as housing studies, economics, real estate, research methods, and for students and academics who are interested in the application of behavioural science in housing decisions.
Author: Eric Hammer
Publisher:
Published: 2017
Total Pages:
ISBN-13:
DOWNLOAD EBOOKIn the classical economic view of markets a third party is needed to create and protect property rights. This should make black markets where the government actively opposes rights in the goods and services traded impossible, yet we see functional black markets across the world. We argue that the endowment effect drives the creation of and respect for property rights. We build a game theoretic model demonstrating this process which shows how the expectation of first party enforcement creates a bilateral incentive to respect property rights regardless of third party involvement. We further give evidence of how the endowment effect exists in both animals and humans, resulting in lower levels of violent conflict and apparent respect for property rights, connecting the biology literature on territoriality in animal species with the economic property rights behavior of humans.
Author:
Publisher:
Published: 1994
Total Pages: 188
ISBN-13:
DOWNLOAD EBOOKAuthor: Yukio Noguchi
Publisher: University of Chicago Press
Published: 2007-12-01
Total Pages: 280
ISBN-13: 0226590208
DOWNLOAD EBOOKAlthough Japan and the United States are the world's leading economies, there are significant differences in the ways their wealth is translated into living standards. A careful comparison of housing markets illustrates not only how living standards in the two countries differ, but also reveals much about saving patterns and how they affect wealth accumulation. In this volume, ten essays discuss the evolution of housing prices, housing markets and personal savings, housing finance, commuting, and the impact of public policy on housing markets. The studies reveal surprising differences in housing investment in the two countries. For example, because down payments in Japan are much higher than in the United States, Japanese tend to delay home purchases relative to their American counterparts. In the United States, the advent of home equity credit may have reduced private saving overall. This book is the first comparison of housing markets in Japan and the United States, and its findings illuminate the effects of housing markets on productivity growth, business investment, and trade.
Author: Thomas Sowell
Publisher: Basic Books (AZ)
Published: 2009-05-12
Total Pages: 194
ISBN-13: 0465018807
DOWNLOAD EBOOKExplains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Author: H. Kent Baker
Publisher: Oxford University Press
Published: 2014-08-07
Total Pages: 311
ISBN-13: 0199388776
DOWNLOAD EBOOKThis book provides an overview of private real estate markets and investments. The 14 chapters are divided into three sections for conventional and alternative real estate investments and regulatory issues. Conventional investable real assets examined are retail spaces, apartments, offices, and industrial facilities owned by corporate entities. Alternative real estate assets are uniquely and extensively addressed. These include healthcare, both for facilities and the pricing to make it an investable asset; infrastructure contains roads, bridges, and public utilities; and resources are in land, agriculture, oil, and gas. The regulatory section includes appraisal and valuation, brokerage and transaction costs, sustainability, and green buildings. Readers should gain a greater appreciation of what is needed to be successful when investing in private real estate markets. The share of real estate in institutional portfolios has risen above a previous 5% target, as investors avoid the risks of low interest rates. The world's wealth is shifting to emerging markets where real estate is already a dominant asset class and public securities markets are limited. Institutions with long horizons avoid publicly traded markets because they want to capture any premium from illiquidity. Real estate involves local and cultural restrictions on land usage, sustainability and on the regulation of the illiquidity. For information about public real estate, read Public Real Estate Markets and Investments.
Author: Lawrence Roberts
Publisher: Monterey Cypress LLC
Published: 2008
Total Pages: 251
ISBN-13: 0615226930
DOWNLOAD EBOOKA detailed analysis of the psychological and mechanical causes of the biggest rally, and subsequent fall, of housing prices ever recorded. Examines the causes of the breathtaking rise in prices and the catastrophic fall that ensued to answer the question on every homeowner's mind: "Why did house prices fall?"--Page 4 of cover
