| 000 -LEADER |
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| fixed length control field |
01162nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
230228b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Andersen, Steffen et al |
| 245 ## - TITLE STATEMENT |
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| Title |
Reference dependence in the housing market |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
The American Economic Review |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
112(10), Oct, 2022: p.3398-3440 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
We quantify reference dependence and loss aversion in the housing market using rich Danish administrative data. Our structural model includes loss aversion, reference dependence, financial constraints, and a sale decision, and matches key nonparametric moments, including a "hockey stick" in listing prices with nominal gains, and bunching at zero realized nominal gains. Households derive substantial utility from gains over the original house purchase price; losses affect households roughly 2.5 times more than gains. The model helps explain the positive correlation between aggregate house prices and turnover, but cannot explain visible attenuation in reference dependence when households are more financially constrained. – Reproduced |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
The American Economic Review |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
HOUSING |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
