Mistake #37 : The Effect of Previously Encountered Prices on Current Housing Demand  

Oleh:

Loewenstein, George ; Simonsohn, Uri

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 116 no. 508 (2006), page 175-199.
Topik: prices; encountered prices; housing demand; effect of previously; price; wealth and taste
Fulltext: 175.pdf (173.83KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.20 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Based on contrast effects studies from psychology, we predicted that movers arriving from more expensive cities would rent pricier apartments than those arriving from cheaper cities. We also predicted that as people stayed in their new city they would get used to the new prices and would readjust their housing expenditures countering the initial impact of previous prices. We found support for both predictions in a sample of 928 movers from the PSID. Alternative explanations based on unobserved wealth and taste, and on imperfect information are ruled out.

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