The cost of lucky price
Refereed conference paper presented and published in conference proceedings

香港中文大學研究人員

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摘要Real estate buyers pay a premium for lucky properties. Using a large sample of Hong Kong apartment sales, we show that the transaction price itself is priced as a property attribute when it ends in a lucky 8 digit. This explains our observation of price clustering. Hedonic regression modelling is used to show that properties which sell at a lucky price also sell for a 1.4 percent premium, on average. Unlike lucky floor premium, lucky price premium does not exhibit luxury goods characteristics and is not sensitive property price cycles. This shows that the lucky price premium is attributed to cultural heuristics. The results are robust to alternative model specifications.
出版社接受日期17.03.2018
著者K.W. Chau, Danika Wright, Ervi Liusman
會議名稱25th Annual Conference of the European Real Estate Society
會議開始日27.06.2018
會議完結日30.06.2018
會議地點Reading
會議國家/地區英國
出版年份2018
語言美式英語
關鍵詞House prices, superstition, price endings, behavioral economics

上次更新時間 2018-11-12 於 10:11