Gohl, Niklas, Haan, Peter, Michelsen, Claus and Weinhardt, Felix (2024) House price expectations. Journal of Economic Behavior & Organization, 218. 379 - 398. ISSN 0167-2681
Full text not available from this repository.Abstract
This study examines short-, medium-, and long-run price expectations in housing markets. At the heart of our analysis is the combination of data from a tailored in-person household survey, past sale offerings, satellite imagery on developable land, and an information treatment (RCT). As novel finding, we show that price expectations show no evidence for momentum-effects in the long run. We also do not find much evidence for behavioural biases in expectations related to individual housing tenure decisions. Confirming existing findings, we find momentum-effects in the short-run and that individuals, to a limited extend, use aggregate price information to update local expectations. Lastly, we provide suggestive evidence corroborating existing findings that expectations are relevant for portfolio choice.
| Item Type: | Article |
|---|---|
| Official URL: | https://www.sciencedirect.com/journal/journal-of-e... |
| Additional Information: | © 2023 Elsevier B.V. |
| Divisions: | Centre for Economic Performance |
| Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HC Economic History and Conditions |
| JEL classification: | D - Microeconomics > D1 - Household Behavior and Family Economics > D14 - Personal Finance R - Urban, Rural, and Regional Economics > R2 - Household Analysis > R21 - Housing Demand R - Urban, Rural, and Regional Economics > R3 - Production Analysis and Firm Location > R31 - Housing Supply and Markets |
| Date Deposited: | 01 Jul 2024 14:21 |
| Last Modified: | 17 Sep 2024 07:09 |
| URI: | http://eprints.lse.ac.uk/id/eprint/124063 |
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