Loss aversion and seller behavior: Evidence from the housing market
Loss aversion and seller behavior: Evidence from the housing market
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DOI：
10.1162/003355301753265561
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发表时间：
2001-11-01
影响因子：
13.7
通讯作者：
Mayer, C
中科院分区：
文献类型：
--
作者：
Genesove, D;Mayer, C
20世纪90年代波士顿市中心的数据表明，损失厌恶决定了房地产市场中卖方的行为。面临名义损失的公寓业主：1) 将要价设定为房产预期售价与其原始购买价格之间差值的25% - 35%；2) 实现的售价达到该差值的3% - 18%；3) 表现出比其他卖方低得多的销售风险。对于自住业主而言，标价结果是投资者的两倍，但对两者都适用。这些研究结果表明，卖方厌恶实现（名义）损失，并有助于解释房地产市场中价格 - 成交量的正相关关系。
Data from downtown Boston in the 1990s show that loss aversion determines seller behavior in the housing market. Condominium owners subject to nominal losses 1) set higher asking prices of 25-35 percent of the difference between the property's expected selling price and their original purchase price; 2) attain higher selling prices of 3-18 percent of that difference; and 3) exhibit a much lower sale hazard than other sellers. The list price results are twice as large for owner-occupants as investors, but hold for both. These findings suggest that sellers are averse to realizing (nominal) losses and help explain the positive price-volume correlation in real estate markets.