عنوان

关于住房市场微观结构的两篇论文：代理人的分散努力和卖家的行为偏见

Number

TL53047

.Language of Text, Soundtrack etc

انگلیسی

Title Proper

关于住房市场微观结构的两篇论文：代理人的分散努力和卖家的行为偏见

General Material Designation

[Thesis]

First Statement of Responsibility

Li, Zhaohui

Subsequent Statement of Responsibility

Najand, Mohammad

Name of Publisher, Distributor, etc.

Old Dominion University

Date of Publication, Distribution, etc.

2020

Text of Note

110 p.

Dissertation or thesis details and type of degree

Ph.D.

Body granting the degree

Old Dominion University

Text preceding or following the note

2020

Text of Note

For the first essay, we generalize the classic Williams [1998 RFS] brokerage model by introducing the diffused effort. That is, the agent can cross-utilize effort spending on one listing to another one. Besides, the agent can manage heterogeneous housing assets. One counterintuitive finding in Williams' paper is the absence of the agency problem. As a special case in our model, we recover the agency problem. We examine the positive externality due to the diffused effort and show that it depends on the agent's inventory size. Hence there exists a trade-off between agents' effort spending on existing listings and on finding a new listing. For the second essay, we model a home seller's pricing decision under a generally defined prospect value function. We show a simple disposition effect is caused by reference dependence, but it only exists when the agent is risk neutral. Diminishing sensitivity will lead to a two-way disposition effect by generating a local reverse disposition effect, a range in which the seller's asking price decreases with increasing potential loss. Loss aversion tends to magnify the disposition effect and hence mitigates the reverse disposition effect. One direct implication is that acclaimed tests on loss aversion such as Genesove and Mayer [2001] and Pope and Schweitzer [2011] are likely invalid. We present evidence consistent with the model by using multiple listing service data from Virginia. Our findings suggest that studies which predominantly focus on a one-way disposition effect can be overly simplistic and misleading as it depends on the strong assumption of risk neutrality.

Subject Term

Economics

Subject Term

Finance

Subject Term

Regional studies

Li, Zhaohui

Najand, Mohammad

Old Dominion University

Electronic name

p

[Thesis]

276903

a

Y