Price setting and the reluctance to realize losses in apartment markets

被引：35

作者：

Einioe, Mikko ^{[2
]}

Kaustia, Markku ^{[1
]}

Puttonen, Vesa ^{[1
]}

机构：

[1] Helsinki Sch Econ, FI-00101 Helsinki, Finland

[2] Morgan Stanley, London E14 4QA, England

来源：

JOURNAL OF ECONOMIC PSYCHOLOGY | 2008年 / 29卷 / 01期

关键词：

loss aversion; real estate; investor;

D O I：

10.1016/j.joep.2007.02.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using data on all real estate transactions in the greater Helsinki area during 1987-2003 (about 80,000 apartment transactions with capital gains available), we find substantial support for loss realization aversion. Further, a disproportionate number of sales occurred exactly at the original purchase price. Reluctance to realize losses is weaker with pricier apartments, seasoned sellers, and apartments that are likely bought for investment purposes. Mortgage down payment requirements are unlikely to fully explain the results. On the whole the results are consistent with loss aversion and mental accounting. (c) 2007 Elsevier B.V. All rights reserved.

引用

页码：19 / 34

页数：16

共 24 条

[1] EXPLAINING THE PRICE VOLUME RELATIONSHIP - THE DIFFERENCE BETWEEN PRICE CHANGES AND CHANGING PRICES [J].