In Housing Economics, filtering is the process by which properties, as they age, depreciate in quality and hence price and thus tend to be purchased by lower-income households. This is the primary mechanism by which competitive markets supply low-income housing. While at the national level filtering is an important long-term source of lower-income housing, this research shows that there is a wide range of filtering rates both across and within metropolitan statistical areas (MSAs) for owner-occupied properties. Notably, in some markets, properties “filter up” to higher-income households. This paper contributes to our understanding of filtering by demonstrating the heterogeneity of filtering rates. The analysis finds strong geographic and temporal variation in filtering rates.
{"title":"Geographic and Temporal Variation in Housing Filtering Rates","authors":"Liyi Liu, Douglas A. McManus, Elias Yannopoulos","doi":"10.2139/ssrn.3527800","DOIUrl":"https://doi.org/10.2139/ssrn.3527800","url":null,"abstract":"In Housing Economics, filtering is the process by which properties, as they age, depreciate in quality and hence price and thus tend to be purchased by lower-income households. This is the primary mechanism by which competitive markets supply low-income housing. While at the national level filtering is an important long-term source of lower-income housing, this research shows that there is a wide range of filtering rates both across and within metropolitan statistical areas (MSAs) for owner-occupied properties. Notably, in some markets, properties “filter up” to higher-income households. This paper contributes to our understanding of filtering by demonstrating the heterogeneity of filtering rates. The analysis finds strong geographic and temporal variation in filtering rates.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128236114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We apply the dynamic Gordon growth model to the Hong Kong real estate market to analyze quarterly data on four kinds of real estate— housing, office, retail, and factory properties—from 1999 to 2020. We find that factories have the highest total returns among the four types of real estate, and also a larger Sharpe ratio. The total returns of these four kinds of real estate are highly correlated. The results of an autoregressive distributed lag model show that the gross domestic product growth rate is the key determinant of real estate returns, while changes in foreign direct investment also influence housing and retail returns. The expected value of the risk-free rate is the key factor that determines the rent-price ratio. The decline in the risk-free rate in Hong Kong is the main reason that the real estate price-rent ratio has increased from 20 to 40 in the last twenty years. Our research represents an early contribution that compares the performance of housing and commercial real estate at the city level, with both types of real estate having similar determinants. Finally, we find that the fall in risk-free interest rates worsens housing affordability in Hong Kong.
{"title":"Real Estate Return in Hong Kong and Its Determinants: A Dynamic Gordon Growth Model Analysis","authors":"Shizhen Wang, David J. Hartzell","doi":"10.2139/ssrn.3521646","DOIUrl":"https://doi.org/10.2139/ssrn.3521646","url":null,"abstract":"We apply the dynamic Gordon growth model to the Hong Kong real estate market to analyze quarterly data on four kinds of real estate— housing, office, retail, and factory properties—from 1999 to 2020. We find that factories have the highest total returns among the four types of real estate, and also a larger Sharpe ratio. The total returns of these four kinds of real estate are highly correlated. The results of an autoregressive distributed lag model show that the gross domestic product growth rate is the key determinant of real estate returns, while changes in foreign direct investment also influence housing and retail returns. The expected value of the risk-free rate is the key factor that determines the rent-price ratio. The decline in the risk-free rate in Hong Kong is the main reason that the real estate price-rent ratio has increased from 20 to 40 in the last twenty years. Our research represents an early contribution that compares the performance of housing and commercial real estate at the city level, with both types of real estate having similar determinants. Finally, we find that the fall in risk-free interest rates worsens housing affordability in Hong Kong.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125112953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Theoretically, if firms face a regulatory per-customer quantity limit, they should have an incentive to discriminatively charge high-demand customers higher prices and make them just willing to buy a quantity equal to the limit. In the U.S. residential mortgage industry, mortgages with origination balances above the conforming loan limits cannot be guaranteed by government-sponsored enterprises, which make lenders face a per-customer quantity limit. This paper finds that borrowers bunching at the limit pay higher interest rates due to price discrimination. This study rules out the alternative explanation that those borrowers are of higher risk (lending cost) than other borrowers.
{"title":"Per-Customer Quantity Limit and Price Discrimination: Evidence from the U.S. Residential Mortgage Market","authors":"Chao Ma","doi":"10.2139/ssrn.3517606","DOIUrl":"https://doi.org/10.2139/ssrn.3517606","url":null,"abstract":"Abstract Theoretically, if firms face a regulatory per-customer quantity limit, they should have an incentive to discriminatively charge high-demand customers higher prices and make them just willing to buy a quantity equal to the limit. In the U.S. residential mortgage industry, mortgages with origination balances above the conforming loan limits cannot be guaranteed by government-sponsored enterprises, which make lenders face a per-customer quantity limit. This paper finds that borrowers bunching at the limit pay higher interest rates due to price discrimination. This study rules out the alternative explanation that those borrowers are of higher risk (lending cost) than other borrowers.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121605019","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The examination researched modern communications in arts, science, engineering and 'management' branches of four universities in Tamilnadu. Spurring variables and limitations saw by university divisions and the job of the legislature in starting and supporting communications were inspected. Various sorts of associations with industry were shown in the four chose universities. Some particular activities like making of infrequent focuses to encourage collaboration with industry were seen in most of the chose universities. Individual contact was demonstrated as the significant helper in the inception of linkages. The administration had taken some significant activities to reinforce the college business interface. The study focuses on the need of mounting further linkages with the goal that they can prompt, effective and commonly beneficial results for both college and industry. Further, the university circles welcome the industrialized society as it provides an occasion to occupation on real-life industrial problems. In addition, active commitment of commerce, human resources in academic activities along with exposure to students/ research scholars to industrial settings through internships help in the growth of the required skill-set.
{"title":"Students Awareness of Industrial Linkages Among The Universities","authors":"Dr. G. Nedumaran, Manida M","doi":"10.2139/ssrn.3551971","DOIUrl":"https://doi.org/10.2139/ssrn.3551971","url":null,"abstract":"The examination researched modern communications in arts, science, engineering and 'management' branches of four universities in Tamilnadu. Spurring variables and limitations saw by university divisions and the job of the legislature in starting and supporting communications were inspected. Various sorts of associations with industry were shown in the four chose universities. Some particular activities like making of infrequent focuses to encourage collaboration with industry were seen in most of the chose universities. Individual contact was demonstrated as the significant helper in the inception of linkages. The administration had taken some significant activities to reinforce the college business interface. The study focuses on the need of mounting further linkages with the goal that they can prompt, effective and commonly beneficial results for both college and industry. Further, the university circles welcome the industrialized society as it provides an occasion to occupation on real-life industrial problems. In addition, active commitment of commerce, human resources in academic activities along with exposure to students/ research scholars to industrial settings through internships help in the growth of the required skill-set.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121657538","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Uzbekistan has one of the lowest rates of internal migration in the world, leading to persistent economic imbalances. Drawing from a unique monthly panel survey called Listening to the Citizens of Uzbekistan and a survey experiment, this paper focuses on two factors that prevent domestic mobility: (i) restrictive propiska registration policies, and (ii) the exceptionally high cost of urban housing. Registration rules prohibit migration to urban centers, and urban housing costs push up the cost of living to as much as 550 percent of the national average, levels severely unaffordable for almost all rural residents. But the proposed government reforms in 2019 to address these challenges are very popular. The results show that about 90 percent of people support lifting all registration restrictions and over 80 percent favor increasing urban housing construction. The results of the experiment show that reform popularity increases when propiska rules and housing costs are referenced in randomly assigned vignettes. However, views may also be sensitive to perceptions of fairness. Recent high-profile involuntary demolitions coincided with a doubling of the share responding that policies are unfair. The increase was further associated with declining optimism and lower support for the wider government national development program, beyond urbanization issues.
{"title":"Free Movement and Affordable Housing: Public Preferences for Reform in Uzbekistan","authors":"William Seitz","doi":"10.1596/1813-9450-9107","DOIUrl":"https://doi.org/10.1596/1813-9450-9107","url":null,"abstract":"Uzbekistan has one of the lowest rates of internal migration in the world, leading to persistent economic imbalances. Drawing from a unique monthly panel survey called Listening to the Citizens of Uzbekistan and a survey experiment, this paper focuses on two factors that prevent domestic mobility: (i) restrictive propiska registration policies, and (ii) the exceptionally high cost of urban housing. Registration rules prohibit migration to urban centers, and urban housing costs push up the cost of living to as much as 550 percent of the national average, levels severely unaffordable for almost all rural residents. But the proposed government reforms in 2019 to address these challenges are very popular. The results show that about 90 percent of people support lifting all registration restrictions and over 80 percent favor increasing urban housing construction. The results of the experiment show that reform popularity increases when propiska rules and housing costs are referenced in randomly assigned vignettes. However, views may also be sensitive to perceptions of fairness. Recent high-profile involuntary demolitions coincided with a doubling of the share responding that policies are unfair. The increase was further associated with declining optimism and lower support for the wider government national development program, beyond urbanization issues.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131711204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Azhar Hussain Potia, Juliana Silva‐Goncalves, B. Torgler, U. Dulleck
We introduce a novel incentive program aimed at decreasing school absenteeism based on the effect of voluntary promises in motivating desirable behaviour. In contrast to a standard program, in which students receive a reward conditional on having achieved a school attendance rate of at least 90 percent, in the promise program, they receive the reward up front, conditional on their commitment to invest their best efforts to reach the attendance target. We assess the effectiveness of the promise program through a field study involving Indigenous Australian high school students, a population who tends to have lower education achievement and socioeconomic advantage than their non-Indigenous counterparts. We find that the promise program significantly decreased unexplained absences compared to the standard program but that it did not influence overall school absences. Our findings suggest that voluntary promises coupled with small gifts are effective in influencing behaviour of disadvantaged students. At the same time, we need further research on how to best design such programs to achieve positive effects in reducing school absenteeism.
{"title":"Rewarding Commitment to Attend School: A Field Study with Indigenous Australian High School Students","authors":"Azhar Hussain Potia, Juliana Silva‐Goncalves, B. Torgler, U. Dulleck","doi":"10.2139/ssrn.3518966","DOIUrl":"https://doi.org/10.2139/ssrn.3518966","url":null,"abstract":"We introduce a novel incentive program aimed at decreasing school absenteeism based on the effect of voluntary promises in motivating desirable behaviour. In contrast to a standard program, in which students receive a reward conditional on having achieved a school attendance rate of at least 90 percent, in the promise program, they receive the reward up front, conditional on their commitment to invest their best efforts to reach the attendance target. We assess the effectiveness of the promise program through a field study involving Indigenous Australian high school students, a population who tends to have lower education achievement and socioeconomic advantage than their non-Indigenous counterparts. We find that the promise program significantly decreased unexplained absences compared to the standard program but that it did not influence overall school absences. Our findings suggest that voluntary promises coupled with small gifts are effective in influencing behaviour of disadvantaged students. At the same time, we need further research on how to best design such programs to achieve positive effects in reducing school absenteeism.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128776342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-11-01DOI: 10.21799/frbp.wp.2019.45
Lauren Lambie‐Hanson, Wenli Li, Michael Slonkosky
We study the house price recovery in the U.S. single-family residential housing market since the outbreak of the mortgage crisis, which, in contrast to the preceding housing boom, was not accompanied by a rise in homeownership rates. Using comprehensive property-level transaction data, we show that this phenomenon is largely explained by the emergence of institutional investors. By exploiting heterogeneity in a county?s exposure to local lending conditions and to government programs that a?ected investors? access to residential properties, we estimate that the increasing presence of institutions in the housing market explains over half of the increase in real house price appreciation rates between 2006 and 2014. We further demonstrate that institutional investors contribute to the improvement of the local housing market by reducing vacancy rates as they shorten the amount of time distressed properties stay in REO. Addition-ally, institutional investors help lower local unemployment rates by increasing local construction employment. However, institutional investors are responsible for most of the declines in the homeownership rates.
{"title":"Institutional Investors and the U.S. Housing Recovery","authors":"Lauren Lambie‐Hanson, Wenli Li, Michael Slonkosky","doi":"10.21799/frbp.wp.2019.45","DOIUrl":"https://doi.org/10.21799/frbp.wp.2019.45","url":null,"abstract":"We study the house price recovery in the U.S. single-family residential housing market since the outbreak of the mortgage crisis, which, in contrast to the preceding housing boom, was not accompanied by a rise in homeownership rates. Using comprehensive property-level transaction data, we show that this phenomenon is largely explained by the emergence of institutional investors. By exploiting heterogeneity in a county?s exposure to local lending conditions and to government programs that a?ected investors? access to residential properties, we estimate that the increasing presence of institutions in the housing market explains over half of the increase in real house price appreciation rates between 2006 and 2014. We further demonstrate that institutional investors contribute to the improvement of the local housing market by reducing vacancy rates as they shorten the amount of time distressed properties stay in REO. Addition-ally, institutional investors help lower local unemployment rates by increasing local construction employment. However, institutional investors are responsible for most of the declines in the homeownership rates.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"641 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120975337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Deven E Carlson, Felix Elwert, Nicholas W. Hillman, Alex Schmidt, B. Wolfe
In this pre-registered study, we analyze the effects of need-based financial aid grant offers on the educational outcomes of low-income college students based on a large-scale randomized experiment (n=48,804). We find evidence that the grant offers increase two-year persistence by 1.7 percentage points among four-year college students. The estimated effect on six-year bachelor’s degree completion is of similar size—1.5 percentage points—but is not statistically significant. Among two-year students, we find positive—but not statistically significant—effects on persistence and bachelor’s degree completion (1.2 and 0.5 percentage points, respectively). We find little evidence that effects vary by cohort, race, gender or the prior receipt of food stamps. However, further exploratory results do suggest that the offers reduce associate’s degree completion rates for two-year community college students by around 3 percentage points, with no statistically significant evidence of effects on technical college students. We also estimate that the effects of actually receiving grant money are very similar, though slightly greater than the effects of merely receiving a grant offer. Overall, our results show only very small effects of the need-based grant offers on college students’ trajectories towards degree completion.
{"title":"The Effects of Financial Aid Grant Offers on Postsecondary Educational Outcomes: New Experimental Evidence from the Fund for Wisconsin Scholars","authors":"Deven E Carlson, Felix Elwert, Nicholas W. Hillman, Alex Schmidt, B. Wolfe","doi":"10.3386/w26419","DOIUrl":"https://doi.org/10.3386/w26419","url":null,"abstract":"In this pre-registered study, we analyze the effects of need-based financial aid grant offers on the educational outcomes of low-income college students based on a large-scale randomized experiment (n=48,804). We find evidence that the grant offers increase two-year persistence by 1.7 percentage points among four-year college students. The estimated effect on six-year bachelor’s degree completion is of similar size—1.5 percentage points—but is not statistically significant. Among two-year students, we find positive—but not statistically significant—effects on persistence and bachelor’s degree completion (1.2 and 0.5 percentage points, respectively). We find little evidence that effects vary by cohort, race, gender or the prior receipt of food stamps. However, further exploratory results do suggest that the offers reduce associate’s degree completion rates for two-year community college students by around 3 percentage points, with no statistically significant evidence of effects on technical college students. We also estimate that the effects of actually receiving grant money are very similar, though slightly greater than the effects of merely receiving a grant offer. Overall, our results show only very small effects of the need-based grant offers on college students’ trajectories towards degree completion.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131601921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract According to Troesken (2004), efforts to purify municipal water supplies at the turn of the 20th century dramatically improved the relative health of Blacks. There is, however, little empirical evidence to support the Troesken hypothesis. Using city-level data published by the U.S. Bureau of the Census for the period 1906-1938, we explore the relationship between water purification efforts and the Black-White infant mortality gap. Our results suggest that, while water filtration was effective across the board, adding chlorine to the water supply reduced mortality only among Black infants. Specifically, chlorination is associated with a 9 percent reduction in Black infant mortality and a 10 percent reduction in the Black-White infant mortality gap. We also find that chlorination led to a substantial reduction in the Black-White diarrhea mortality gap among children under the age of two, although this estimate is measured with less precision.
{"title":"Water Purification Efforts and the Black-White Infant Mortality Gap, 1906-1938","authors":"D. Anderson, K. Charles, D. Rees, Tianyi Wang","doi":"10.3386/w26489","DOIUrl":"https://doi.org/10.3386/w26489","url":null,"abstract":"Abstract According to Troesken (2004), efforts to purify municipal water supplies at the turn of the 20th century dramatically improved the relative health of Blacks. There is, however, little empirical evidence to support the Troesken hypothesis. Using city-level data published by the U.S. Bureau of the Census for the period 1906-1938, we explore the relationship between water purification efforts and the Black-White infant mortality gap. Our results suggest that, while water filtration was effective across the board, adding chlorine to the water supply reduced mortality only among Black infants. Specifically, chlorination is associated with a 9 percent reduction in Black infant mortality and a 10 percent reduction in the Black-White infant mortality gap. We also find that chlorination led to a substantial reduction in the Black-White diarrhea mortality gap among children under the age of two, although this estimate is measured with less precision.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121137557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This research provides evidence on the role of information asymmetry and personal affiliations in housing transactions using a novel dataset that allows observation of detailed information about the property, broker, and seller. Sellers holding a real estate license are found to obtain about 1.6 percent (or $3,200) more for their properties than unlicensed sellers, and sellers personally affiliated to a real estate licensee (e.g., spouses, siblings, parents) also obtain a premium of about the same size, all else equal. There is evidence from appraisal training that knowledge of property valuation further increases the price disparities, while informative public property records reduce price disparities. Agents and personal affiliates appear to use information advantages to time the market and capture capital gains. These new findings provide insights into the behaviors of market participants in asymmetric information environments.
{"title":"Asymmetric Information and Personal Affiliations in Brokered Housing Transactions","authors":"Luis A. Lopez","doi":"10.2139/ssrn.3464699","DOIUrl":"https://doi.org/10.2139/ssrn.3464699","url":null,"abstract":"This research provides evidence on the role of information asymmetry and personal affiliations in housing transactions using a novel dataset that allows observation of detailed information about the property, broker, and seller. Sellers holding a real estate license are found to obtain about 1.6 percent (or $3,200) more for their properties than unlicensed sellers, and sellers personally affiliated to a real estate licensee (e.g., spouses, siblings, parents) also obtain a premium of about the same size, all else equal. There is evidence from appraisal training that knowledge of property valuation further increases the price disparities, while informative public property records reduce price disparities. Agents and personal affiliates appear to use information advantages to time the market and capture capital gains. These new findings provide insights into the behaviors of market participants in asymmetric information environments.","PeriodicalId":143058,"journal":{"name":"Econometric Modeling: Microeconometric Studies of Health","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125403579","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：