000			01162nam a22001457a 4500
999			_c521848 _d521848
008			230228b ||||| |||| 00| 0 eng d
100			_aAndersen, Steffen et al _937768
245			_aReference dependence in the housing market
260			_aThe American Economic Review
300			_a112(10), Oct, 2022: p.3398-3440
520			_aWe 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			_aThe American Economic Review
906			_aHOUSING
942			_cAR