Rationality test in the housing market: Project-level evidence from China

IF 3.2 3区 经济学 Q1 ECONOMICS
Yifan Chen, Jianhua Gang, Zongxin Qian, Jinfan Zhang
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引用次数: 0

Abstract

We test whether investors rationally react to rent news when pricing houses. Previous literature on house pricing uses aggregated housing price and rent data to estimate the rent news. We analytically demonstrate that using aggregated data biases the rationality test because it forces researchers to estimate the rent news using the cross-project average dynamic relationship among the housing return, rent growth, and macroeconomic dynamics and, hence, misses the heterogeneity in the dynamic relationship. Our empirical tests using proprietary project-level housing data from China's megacities find that the bias from missing the heterogeneity is economically substantial.

住房市场的合理性检验:来自中国的项目层面证据
我们测试投资者在为房屋定价时是否对租金消息做出理性反应。以前关于房价的文献使用汇总的房价和租金数据来估计租金新闻。我们分析证明,使用聚合数据会使合理性测试产生偏差,因为它迫使研究人员使用住房回报、租金增长和宏观经济动态之间的跨项目平均动态关系来估计租金消息,因此忽略了动态关系中的异质性。我们使用来自中国超大城市的专有项目级住房数据进行的实证测试发现,遗漏异质性带来的偏差在经济上是巨大的。
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来源期刊
CiteScore
4.90
自引率
6.70%
发文量
54
期刊介绍: The Journal of Regional Science (JRS) publishes original analytical research at the intersection of economics and quantitative geography. Since 1958, the JRS has published leading contributions to urban and regional thought including rigorous methodological contributions and seminal theoretical pieces. The JRS is one of the most highly cited journals in urban and regional research, planning, geography, and the environment. The JRS publishes work that advances our understanding of the geographic dimensions of urban and regional economies, human settlements, and policies related to cities and regions.
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