Prices of peers: identifying endogenous price effects in the housing market

2020 ◽  
Author(s):  
Nikodem Szumilo
Keyword(s):  
Information Asymmetry ◽  
Housing Market ◽  
Empirical Data ◽  
Theoretical Research ◽  
Transaction Prices ◽  
Price Effects

Abstract The paper identifies neighbourhood price spillovers in the housing market. Although this concept attracted some theoretical research and is strongly supported by practitioners, it has proven very difficult to show in empirical data. By using the linear-in-means model, which is routinely applied to identify endogenous effects in groups of peers, the study summarizes all threats to identification and demonstrates how they can be addressed by exploiting information asymmetry between buyers of different houses and delays in revealing transaction prices. The results show that a 1% increase in the price of a house increases its neighbour's price by up to 0.3%.

scholarly journals Comparing ask and transaction prices in the Swiss housing market

2021 ◽  
Vol 5 (1) ◽  
pp. 67-93
Author(s):  
Diego Ardila ◽  
◽  
Ahmed Ahmed ◽  
Didier Sornette ◽  
◽  
...  
Keyword(s):  
Housing Market ◽  
Transaction Prices

Neighborhood Watch: The Rise of Zillow

2017 ◽  
pp. 1-7
Author(s):  
Russell Walker
Keyword(s):  
Real Estate ◽  
Information Asymmetry ◽  
Housing Market ◽  
Real Estate Industry ◽  
Neighborhood Watch ◽  
Agent Model ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Agent ◽  
Principal Agent Problem

Read any news report on the housing market, and inevitably it will include facts or figures from the real estate data giant Zillow.com. The company initially set out to solve two key economic frictions in the real estate industry information asymmetry and the principal-agent problem by empowering users to access real-time housing data and eliminating the need for realtors. The company soon realized, however, that American homeowners and buyers were not willing to give up the traditional real estate agent model and changed course. In the end, Zillow decided to join rather than replace the middlemen in the real estate industry.

Usage of Pre-Made Text-Modules and Peer-Groups for Mitigating Information Asymmetry in Social Lending

2013 ◽  
Vol 9 (3) ◽  
pp. 1-26
Author(s):  
Arne Frerichs ◽  
Christian Michaelis ◽  
Marco Wienekamp ◽  
Jens Plagge ◽  
Matthias Schumann
Keyword(s):  
Information Asymmetry ◽  
Empirical Data ◽  
Peer Groups ◽  
Financial Intermediary ◽  
Social Lending ◽  
Funding Success ◽  
The Impact

Recently, several platforms for arranging credit mediation between borrowers and lenders without usage of a financial intermediary have emerged. Social lending has attracted the interest of researchers who analyzed the behavior of borrowers and lenders on these platforms. The authors examine the impact of pre-made text modules and usage of peer groups on the funding success of a credit request. Analyzing empirical data from the German social lending platform Smava, the authors find evidence that the use of pre-made text modules doesn’t influence lender decisions significantly. Additionally, the authors find that the usage of peer groups significantly influences funding success, if borrowers seek affiliation to groups with only few members.

scholarly journals Comparative Analysis of the Importance of Determining Factors in the Choice and Sale of Apartments

2021 ◽  
Vol 13 (16) ◽  
pp. 8731
Author(s):  
Eulália Santos ◽  
Fernando Tavares ◽  
Vasco Tavares ◽  
Vanessa Ratten
Keyword(s):  
Information Asymmetry ◽  
Housing Market ◽  
Real Estate Market ◽  
The Other ◽  
Negative Externalities ◽  
Common Goal ◽  
Mainland Portugal ◽  
Positive Externalities ◽  
Determining Factors ◽  
The Common

The motivation to compare the importance that buyers and sellers give to the diverse characteristics of apartments is its pertinency to grasping the housing market. The objective of this article is to compare the determining factors in the choice and sale of apartments among the potential buyers and sellers. During a sale, the realtors exhibit the dwellings’ positive characteristics, the so-called amenities. The homebuyers must analyse the deal in a rational and well-weighed way, striving to know its characteristics to reduce the information asymmetry. The study focuses on two distinct samples, with the common goal of transacting housing. One of the samples is composed of individuals who are looking for apartments, and the other one of individuals who are selling apartments, both being collected in mainland Portugal. It was verified that there are statistically significant differences between buyers and sellers. Buyers give more importance to certain rooms and the inexistence of negative externalities near their future residence. Sellers emphasise positive externalities and parking spots. This study is expected to contribute to the increase in scientific knowledge on the housing market and to the decrease of the information asymmetry between sellers and buyers. Knowing the importance that buyers and sellers give to the main different factors in the Portuguese real estate market constitutes an advancement of knowledge in this area.

scholarly journals Emotional Intelligence as a Factor Influencing Coping Strategies in Novice Educational Psychologists

2021 ◽  
pp. 66-76
Author(s):  
М.М. Карнелович ◽  
В.И. Казаренков
Keyword(s):  
Emotional Intelligence ◽  
Coping Strategies ◽  
Empirical Data ◽  
Theoretical Research ◽  
Degree Programs ◽  
Mathematical Methods ◽  
Master Degree ◽  
Educational Psychologists ◽  
And Coping ◽  
Intelligence Development

В статье рассматриваются проблемные вопросы развития эмоционального интеллекта и стиля совладания с трудностями у будущих психологов сферы образования при обучении по направлениям бакалавриата и магистратуры и зависимости выбираемых ими стратегий копинга от уровня развития эмоционального интеллекта. Цель исследования — определить силу, направленность и содержание влияния эмоционального интеллекта на стратегии совладающего поведения у будущих психологов сферы образования с учетом этапов их профессионального обучения. Методы исследования: теоретический анализ научной литературы, методы сбора эмпирических данных и математико-статистической обработки данных (критерий сравнения U Манна — Уитни, дисперсионный факторный анализ). Приведены результаты эмпирического исследования эмоционального интеллекта и стратегий совладающего поведения у студентов-психологов на начальном и итоговом этапах бакалавриата и на этапе обучения в магистратуре. Представлены выявленные различия уровня развития эмоционального интеллекта и доминирующих стратегий совладания у будущих специалистов-психологов на разных этапах и ступенях обучения. Проведен анализ влияния уровня развития компонентов эмоционального интеллекта на стратегии копинга будущих психологов. Результаты исследования углубляют научные знания об эмоциональном интеллекте, а также факторах и механизмах совладающего поведения у будущих психологов сферы образования; о различиях эмоционального интеллекта и стратегий совладающего поведения у студентов-психологов первого и выпускного курсов бакалавриата и магистрантов; о силе, содержании и направленности влияния эмоционального интеллекта на выбор студентами-психологами стратегий совладания с учетом ступени профессионального образования. Полученные результаты могут представлять интерес для специалистов сферы непрерывного профессионального образования и использоваться в процессе сопровождения будущих психологов и других специалистов сферы образования. The article treats the development of emotional intelligence and coping strategies in novice educational psychologists (bachelor and master degree programs). It also investigates the correlation between coping strategies used by students and their emotional intelligence. The aim of the research is to investigate the degree to which novice educational psychologists’ emotional intelligence can influence their choice of coping strategies at various stages of their education. Methods of research: theoretical research analysis, empirical data collection, mathematical methods for statistical data processing (Mann-Whitney-U test, dispersion factorial analysis). The article analyzes empirical data pertaining to emotional intelligence and coping strategies used by novice educational psychologists at different stages of their education (bachelor and master degree programs). It singles out various levels of emotional intelligence development and prevailing coping strategies used by novice educational psychologists at different stages of their education The article investigates the correlation between novice educational psychologists’ coping strategies and the degree of their emotional intelligence development. The research serves to enhance scholars’ knowledge of emotional intelligence and the factors and mechanisms pertaining to novice educational psychologists’ coping strategies. It also serves to enhance scholars’ knowledge about the differences in emotional intelligence and coping strategies in novice educational psychologists (first year students and graduates of bachelor and master degree programs). It also serves to enhance scholars’ knowledge of the correlation between coping strategies used by students and their emotional intelligence. The obtained results can be used in lifelong learning programs and will be helpful to novice educational psychologists and educators.

scholarly journals Changes in Housing Availability Indicator in Selected Polish Cities in the Years 2006 to 2018

2019 ◽  
Vol 16 (1) ◽  
pp. 91-97
Author(s):  
Marta Martyniak
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Housing Prices ◽  
Real Estate Market ◽  
Secondary Market ◽  
Individual Investors ◽  
Residential Real Estate ◽  
Asymmetry Of Information ◽  
Transaction Prices ◽  
Central Statistical

Abstract Research purpose. Housing availability indicator shows the area of residential real estate possible to purchase for the average monthly wage in the enterprise sector. The research carried out in this paper is aimed at determining the current level of housing availability indicator and its detailed analysis, taking into account the dynamics of changes in 2006 to 2018. This analysis will be carried out for primary and secondary market for selected Polish cities. Design/Methodology/Approach. Calculations were based on the average transaction prices obtained from the transactional database of residential real estate of the National Bank of Poland and the value of the average monthly remuneration in the enterprise sector obtained partly from statistical data and official journals of the Central Statistical Office. Findings. The analysis shows that the indicator of housing availability in Poland, despite the visible upward trend, is at a very low level, placing Warsaw at the first place. In addition, the extension of the analysis to the division of the housing market into the primary and secondary market provided more information about shaping the housing availability indicator. Whereas in the primary market in individual cities its value was at a similar level, the secondary market was subject to greater fluctuations. Originality/Value/Practical implications. This paper is of practical nature. Due to the asymmetry of information on the Polish real estate market, especially regarding housing prices, knowledge about the value of the housing availability indicator in Poland may be exceptionally valuable, especially for people interested in the housing market, including individual investors and market practitioners, as an auxiliary source of information in purchasing decisions of households.

scholarly journals “We’ll Always Have Paris”: Out-of-Country Buyers in the Housing Market

2020 ◽  
Author(s):  
Dragana Cvijanović ◽  
Christophe Spaenjers
Keyword(s):  
Housing Market ◽  
Causal Effect ◽  
Search Costs ◽  
Ceteris Paribus ◽  
Bargaining Process ◽  
Investment Timing ◽  
Real Estate Markets ◽  
Transaction Prices ◽  
Property Prices ◽  
Asset Selection

Previous research has shown that nonlocal household investors make suboptimal asset selection and market timing decisions. However, in real estate markets, heterogeneity in returns can exist even with identical ex ante investment (timing) choices, given that transaction prices are the outcome of a complex search-and-bargaining process. Analyzing notarial data for the Paris housing market, we find that “out-of-country” buyers indeed buy at higher prices and resell at substantially lower prices than do local investors, ceteris paribus. Furthermore, our evidence suggests that this pattern is not due to higher search costs and information asymmetries but instead stems from wealth-related differences in bargaining intensity. Finally, we estimate the causal effect of out-of-country demand shocks on property prices in Paris to be positive but small. This paper was accepted by Tomasz Piskorski, finance.

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