名义损失厌恶和股权约束在房价决定中的作用：缺乏首付约束的经验证据

IF 2.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics Pub Date : 2025-07-23 DOI:10.1016/j.jhe.2025.102084

Joep Steegmans , Wolter Hassink

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引用次数: 0

摘要

本文研究了在没有首付限制和战略违约的情况下，名义损失厌恶和股权约束对房价的影响。利用荷兰自住家庭住宅的大量房屋交易数据，结合行政微观数据，研究结果表明，名义损失厌恶的价格效应大约是负资产效应的两倍。目录价格回归提供了通过设定更高的目录价格来获得更高交易价格的证据。因此，本文提出了名义损失规避和股权约束导致市场溢价的新证据。

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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Nominal loss aversion and equity constraints in house price determination: Empirical evidence in the absence of down-payment constraints

The paper investigates the effects of nominal loss aversion and equity constraints on house prices in a market without down-payment constraints or strategic defaults. Using extensive house transaction data of owner-occupied family homes from the Netherlands in combination with administrative microdata, the results show that the price effect of nominal loss aversion is about twice the size of the effect of negative equity. List price regressions provide evidence that higher transaction prices are obtained by setting higher list prices. Thereby the paper presents new evidence that nominal loss aversion and equity constraints lead to market premiums.

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来源期刊

Journal of Housing Economics Multiple-

CiteScore

3.30

自引率

4.20%

发文量

期刊介绍： The Journal of Housing Economics provides a focal point for the publication of economic research related to housing and encourages papers that bring to bear careful analytical technique on important housing-related questions. The journal covers the broad spectrum of topics and approaches that constitute housing economics, including analysis of important public policy issues.