文章基本信息

标题：House price expectations
本地全文：下载
作者：Niklas Gohl ; Peter Haan ; Claus Michelsen 等
期刊名称：CEP Discussion Paper
出版年度：2022
卷号：2022
语种：English
出版社：Centre for Economic Performance
摘要：This study examines short-, medium-, and long-run price expectations in housing markets. We derive and test six hypothesis about the incidence, formation, and relevance of price expectations. To do so, we use data from a tailored household survey, past sale offerings, satellites, and from an information RCT. As novel findings, we show that price expectations exhibit mean reversion in the long-run. Moreover, we do not find evidence for biases related to individual housing tenure decisions or regret aversion. Confirming existing findings, we show that local market characteristics matter for expectations throughout, as well as aggregate price information. Lastly, we corroborate existing evidence that expectations are relevant for portfolio choice.
关键词：housing;house price expectations