{"title":"新西兰住房的损失规避","authors":"Ryan Greenaway‐McGrevy, C. Haworth","doi":"10.1080/00779954.2019.1631877","DOIUrl":null,"url":null,"abstract":"We examine whether New Zealand home sellers are loss averse. Our empirical method is based on a large dataset of residential real estate transactions that exploits the most recent substantive housing downturn of 2007–2009. Consistent with loss aversion, we find that houses predicted to sell at a nominal loss realised a premium compared to houses predicted to sell at a nominal gain. We show how this finding causes house price indices to be ‘downward sticky’, preventing house price indices from falling by an additional two and a half percentage points during the downturn.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"54 1","pages":"138 - 160"},"PeriodicalIF":0.8000,"publicationDate":"2020-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00779954.2019.1631877","citationCount":"2","resultStr":"{\"title\":\"Loss aversion in New Zealand housing\",\"authors\":\"Ryan Greenaway‐McGrevy, C. Haworth\",\"doi\":\"10.1080/00779954.2019.1631877\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine whether New Zealand home sellers are loss averse. Our empirical method is based on a large dataset of residential real estate transactions that exploits the most recent substantive housing downturn of 2007–2009. Consistent with loss aversion, we find that houses predicted to sell at a nominal loss realised a premium compared to houses predicted to sell at a nominal gain. We show how this finding causes house price indices to be ‘downward sticky’, preventing house price indices from falling by an additional two and a half percentage points during the downturn.\",\"PeriodicalId\":38921,\"journal\":{\"name\":\"New Zealand Economic Papers\",\"volume\":\"54 1\",\"pages\":\"138 - 160\"},\"PeriodicalIF\":0.8000,\"publicationDate\":\"2020-05-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1080/00779954.2019.1631877\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"New Zealand Economic Papers\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/00779954.2019.1631877\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"New Zealand Economic Papers","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/00779954.2019.1631877","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
We examine whether New Zealand home sellers are loss averse. Our empirical method is based on a large dataset of residential real estate transactions that exploits the most recent substantive housing downturn of 2007–2009. Consistent with loss aversion, we find that houses predicted to sell at a nominal loss realised a premium compared to houses predicted to sell at a nominal gain. We show how this finding causes house price indices to be ‘downward sticky’, preventing house price indices from falling by an additional two and a half percentage points during the downturn.
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