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The Endowment Effect And Housing Markets
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Book Synopsis The Endowment Effect and Housing Markets by : Mateusz Tomal
Download or read book The Endowment Effect and Housing Markets written by Mateusz Tomal and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book aims to provide a comprehensive analysis of the so-called "endowment effect" in the housing market. In a nutshell, the phenomenon of overvaluing things we own which was first conceptualised in 1980 and has since been one of the most studied behavioural biases in economics"--
Book Synopsis The Endowment Effect and Housing Markets by : Mateusz Tomal
Download or read book The Endowment Effect and Housing Markets written by Mateusz Tomal and published by Taylor & Francis. This book was released on 2024-08-14 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to provide a comprehensive analysis of the so-called “endowment effect” in the housing market. In a nutshell, the phenomenon of overvaluing things we own which was first conceptualised in 1980 and has since been one of the most studied behavioural biases in economics. The first chapter presents a systematic review of the literature on the endowment effect in the housing market, together with the identification of research gaps to be filled by other researchers. The second chapter aims to propose a theoretical model explaining the strength of the endowment effect in sales and rental housing markets by primary and secondary markets. The last chapter presents the results of empirical research on the endowment effect in the Polish housing market, testing the model presented in Chapter 2. The chapters can be read together or independently by researchers, students, and policymakers interested in behavioural economics in housing and real estate. For policymakers, the book can be extremely useful as the endowment effect can create friction in the housing market because of a mismatch between the price demands of sellers and buyers, especially in countries where the level of market professionalisation is low (such as Poland). Thanks to the empirical research contained in this book, it will be possible to identify specific market segments where the endowment effect may be particularly elevated – on such segments, policymakers should introduce actions contributing to the elimination of this behavioural bias.
Book Synopsis Merging psychology and economics by : Lucas Pipes
Download or read book Merging psychology and economics written by Lucas Pipes and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Behavioural Science and Housing Decision Making by : Helen Bao
Download or read book Behavioural Science and Housing Decision Making written by Helen Bao and published by Routledge. This book was released on 2020-02-25 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a behavioural approach to examine six important housing questions: tenure decision, gentrification, place attachment, housing bubbles, housing wealth, and residential satisfaction. Using experimental and field data, the book demonstrates the effects of six behavioural biases and heuristics (i.e., anchoring and reference dependence, loss aversion, mental accounting, endowment effect, herd behaviours, and social comparison) on these housing decisions. The first part of the book introduces the questions and provides a behavioural science toolbox before the second part adopts a real-world case study approach. Real data sets and suggested answers are provided, and the cases come from the UK, USA, and China. Background information is given in each case to facilitate the understanding of the case data and question, as well as the discussions on the results. This book is ideal supplementary reading on a variety of courses such as housing studies, economics, real estate, research methods, and for students and academics who are interested in the application of behavioural science in housing decisions.
Book Synopsis The Endowment Effect and First Party Enforcement of Rights by : Eric Hammer
Download or read book The Endowment Effect and First Party Enforcement of Rights written by Eric Hammer and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the classical economic view of markets a third party is needed to create and protect property rights. This should make black markets where the government actively opposes rights in the goods and services traded impossible, yet we see functional black markets across the world. We argue that the endowment effect drives the creation of and respect for property rights. We build a game theoretic model demonstrating this process which shows how the expectation of first party enforcement creates a bilateral incentive to respect property rights regardless of third party involvement. We further give evidence of how the endowment effect exists in both animals and humans, resulting in lower levels of violent conflict and apparent respect for property rights, connecting the biology literature on territoriality in animal species with the economic property rights behavior of humans.
Download or read book Journal of Housing Research written by and published by . This book was released on 1994 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Markets in the United States and Japan by : Yukio Noguchi
Download or read book Housing Markets in the United States and Japan written by Yukio Noguchi and published by University of Chicago Press. This book was released on 2007-12-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although Japan and the United States are the world's leading economies, there are significant differences in the ways their wealth is translated into living standards. A careful comparison of housing markets illustrates not only how living standards in the two countries differ, but also reveals much about saving patterns and how they affect wealth accumulation. In this volume, ten essays discuss the evolution of housing prices, housing markets and personal savings, housing finance, commuting, and the impact of public policy on housing markets. The studies reveal surprising differences in housing investment in the two countries. For example, because down payments in Japan are much higher than in the United States, Japanese tend to delay home purchases relative to their American counterparts. In the United States, the advent of home equity credit may have reduced private saving overall. This book is the first comparison of housing markets in Japan and the United States, and its findings illuminate the effects of housing markets on productivity growth, business investment, and trade.
Book Synopsis The Housing Boom and Bust by : Thomas Sowell
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Book Synopsis Private Real Estate Markets and Investments by : H. Kent Baker
Download or read book Private Real Estate Markets and Investments written by H. Kent Baker and published by Oxford University Press. This book was released on 2014-08-07 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of private real estate markets and investments. The 14 chapters are divided into three sections for conventional and alternative real estate investments and regulatory issues. Conventional investable real assets examined are retail spaces, apartments, offices, and industrial facilities owned by corporate entities. Alternative real estate assets are uniquely and extensively addressed. These include healthcare, both for facilities and the pricing to make it an investable asset; infrastructure contains roads, bridges, and public utilities; and resources are in land, agriculture, oil, and gas. The regulatory section includes appraisal and valuation, brokerage and transaction costs, sustainability, and green buildings. Readers should gain a greater appreciation of what is needed to be successful when investing in private real estate markets. The share of real estate in institutional portfolios has risen above a previous 5% target, as investors avoid the risks of low interest rates. The world's wealth is shifting to emerging markets where real estate is already a dominant asset class and public securities markets are limited. Institutions with long horizons avoid publicly traded markets because they want to capture any premium from illiquidity. Real estate involves local and cultural restrictions on land usage, sustainability and on the regulation of the illiquidity. For information about public real estate, read Public Real Estate Markets and Investments.
Book Synopsis The Great Housing Bubble by : Lawrence Roberts
Download or read book The Great Housing Bubble written by Lawrence Roberts and published by Monterey Cypress LLC. This book was released on 2008 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed analysis of the psychological and mechanical causes of the biggest rally, and subsequent fall, of housing prices ever recorded. Examines the causes of the breathtaking rise in prices and the catastrophic fall that ensued to answer the question on every homeowner's mind: "Why did house prices fall?"--Page 4 of cover
Book Synopsis The Endowment's Effect on Marginal Value by : John K. Horowitz
Download or read book The Endowment's Effect on Marginal Value written by John K. Horowitz and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A higher endowment of some good will typically cause an individual to place a lower value on increases (or decreases) in that endowment. This property, which we call diminishing marginal value, is a pervasive component of economists' beliefs about people's behavior. In ordinary markets "the more one consumes of something, the less one is willing to pay to obtain more of it," as Robert Frank recently wrote (as a contrast to the market for Harry Potter books). "Even a hungry person would be willing to pay less for a second sandwich than for the first." As a behavioral property, diminishing marginal value (DMV) is relatively difficult to observe with market data, but it is straightforward to observe it through experiments. This paper measures DMV in experiments with two ordinary goods, mugs and flashlights. Subjects were given different numbers of mugs or flashlights and asked the compensation they required to relinquish one or more of them. DMV means that someone who starts with four mugs will require lower compensation to give upone mug than someone who starts with three mugs, for example. We report the results of thirteen real-money experiments conducted with over 400 mostly non-student subjects. We test whether the average compensation demanded (i.e., willingness-to-accept) to give up a specified number of flashlights (or mugs) is lower among subjects whose endowment of that good is higher. The evidence we find for diminishing marginal value is strong. Of eleven possible comparisons, all show a decrease in the valueof the items as the endowment increased. Decreases in compensation demanded ranged from 12 to 26 percent as the endowments we studied increased. All subjects in any given experiment had exactly the same endowment and had no knowledge of other possible endowments. Therefore, any difference in reported values is likely to reflect only the endowment's effect on marginal value and will not be confounded by other features, such as envy or concerns about fairness.
Book Synopsis Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022) by : Faruk Balli
Download or read book Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022) written by Faruk Balli and published by Springer Nature. This book was released on 2022-12-28 with total page 1691 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book. As a leading role in the global megatrend of scientific innovation, China has been creating a more and more open environment for scientific innovation, increasing the depth and breadth of academic cooperation, and building a community of innovation that benefits all. Such endeavors are making new contributions to the globalization and creating a community of shared future. To adapt to this changing world and China's fast development in the new era, The 2022 International Conference on Economics, Smart Finance and Contemporary Trade to be held in July 2022. This conference takes "bringing together global wisdom in scientific innovation to promote high-quality development" as the theme and focuses on cutting-edge research fields including Economics, Smart Finance and Contemporary Trade. This conference aims to boost development of the Greater Bay Area, expand channels of international academic exchange in science and technology, build a sharing platform of academic resources, promote scientific innovation on the global scale, strengthen academic cooperation between China and the outside world, enhance development of new energy and materials and IT, AI, and biomedicine industries. It also aims to encourage exchange of information on frontiers of research in different areas, connect the most advanced academic resources in China and the world, turn research results into industrial solutions, and bring together talents, technologies and capital to boost development.
Book Synopsis Political Economy Goes to the Movies by : Satyananda J. Gabriel
Download or read book Political Economy Goes to the Movies written by Satyananda J. Gabriel and published by Routledge. This book was released on 2021-11-14 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political Economy Goes to the Movies provides an introduction to political economy using a wide range of popular films and documentaries as the objects of analysis. The work helps readers to understand and analyze the economic and related political, cultural, and ecological relationships depicted in selected films. This is achieved through the lens of past and present economic theories and in the context of debates over the dynamic influence of economics on individual life chances. Film may have more to teach us about the real world than the abstractions of certain economic theories. A world of income inequality, child labor in mills and mines, local rebellions against land seizures, and wars triggered by economic conflicts provide the context for many films mirroring real world events. Some films depict the interacting and intersecting political, economic, cultural, and ecological contexts within and between variant economic relationships, whereas other films show “catastrophes” such as economic depressions, disruptive social transitions, violent revolutions, and existential environmental degradation – a world in disequilibrium. Films allow us to see a panoply of human social relationships and related problems, even to explore cataclysmic moments in our species life, but not to necessarily see the why of these relationships and problems. Simultaneously, mainstream economics has severe constraints on what can be analyzed. Film exposes this weakness of the mainstream model. Twelve Years a Slave, Trumbo, The Big Short and others are analyzed for their realism by referencing documented historical social events, and behavioral economics provides further data for analyzing the realism of social interaction within the films. Exploring events and contexts absent from the typical economics text or the basic level economics classes, this work is essential reading for students and scholars of political economy in both economics and politics departments, as well as those of pluralist economics and Marxist economics.
Book Synopsis It Makes (No) Sense by : Nicolae Naumof
Download or read book It Makes (No) Sense written by Nicolae Naumof and published by BookCountry. This book was released on 2014-01-03 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: From a rational point of view, people often do things that make little or no sense. But when these actions are viewed through the lens of behavioral sciences, a new interpretation emerges. Through the filter of a four-dimensional model of human behavior, the reasons that people do what they do begin to come into focus. Building on this idea, It Makes (No) Sense offers a counterintuitive perspective and macro-rules on human judgment, decision-making, and behavior. The first section of the book, “How We Think,” explores human judgment and decision-making. This knowledge serves as the basic of understanding of how social factors, transient internal states, and physical environment elements influence human behavior. Sections two through six go on to describe the 4D Model of Human Behavior, a very effective tool for understanding, predicting, and influencing human behavior. This study gives particular attention to the drivers of human behavior beyond personality. Section seven, “An Alternative to Carrots and Sticks,” criticizes the established way of offering incentives and applying penalties in order to influence behavior. Through the careful application of knowledge from the behavioral and decision sciences, behavioral change can occur. With the journey through the behavioral sciences perspective celebrated in It Makes (No) Sense, things just might make a bit more sense.
Book Synopsis Behavioral Law and Economics by : Cass R. Sunstein
Download or read book Behavioral Law and Economics written by Cass R. Sunstein and published by Cambridge University Press. This book was released on 2000-03-28 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes law with reference to new findings in cognitive psychology and behavioral economics.
Book Synopsis Handbook of Economic Expectations by : Ruediger Bachmann
Download or read book Handbook of Economic Expectations written by Ruediger Bachmann and published by Elsevier. This book was released on 2022-11-04 with total page 876 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Economic Expectations discusses the state-of-the-art in the collection, study and use of expectations data in economics, including the modelling of expectations formation and updating, as well as open questions and directions for future research. The book spans a broad range of fields, approaches and applications using data on subjective expectations that allows us to make progress on fundamental questions around the formation and updating of expectations by economic agents and their information sets. The information included will help us study heterogeneity and potential biases in expectations and analyze impacts on behavior and decision-making under uncertainty. Combines information about the creation of economic expectations and their theories, applications and likely futures Provides a comprehensive summary of economics expectations literature Explores empirical and theoretical dimensions of expectations and their relevance to a wide array of subfields in economics
Book Synopsis The Social Psychology of Organizational Behavior by : Leigh L. Thompson
Download or read book The Social Psychology of Organizational Behavior written by Leigh L. Thompson and published by Psychology Press. This book was released on 2003 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2003. Routledge is an imprint of Taylor & Francis, an informa company.
