Propagating Experiences by Competing: Micro-Level Evidence from Real Estate

M. Giacoletti, Christopher Parsons
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引用次数: 1

Abstract

We study the propagation of valuation errors through house prices. Verifying prior research, we first show that house sellers and landlords exhibit long memory: those having purchased when aggregate prices were high (low) ask, and obtain, abnormally high (low) prices and rents many years later. These distortions alter the strategies of nearby sellers and landlords, irrespective of their own historical purchase timing. If competing with one or more “bust-acquired” houses bought from 2008-2012, sellers and landlords accept discounts exceeding 1%. Although bust-acquired houses constitute less than ten percent of all sales, spillovers through competition appear to have aggregate effects. Zip codes with more bust acquired houses are associated with lower prices and rents per square foot.
以竞争传播经验:来自房地产的微观证据
我们研究了估价误差通过房价的传播。验证先前的研究,我们首先表明,房屋卖家和房东表现出长记忆:那些在总价格高(低)时购买的人,多年后会要求并获得异常高(低)的价格和租金。这些扭曲改变了附近卖家和房东的策略,而不考虑他们自己的历史购买时机。如果与一套或多套2008年至2012年间购买的“破产收购”房屋竞争,卖家和房东接受的折扣超过1%。尽管破产收购的房屋占总销售额的比例不到10%,但竞争的溢出效应似乎具有总体效应。在邮政编码中,破产房屋越多,每平方英尺的房价和租金就越低。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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