Asymmetric buyer information influence on price in a homogeneous housing market
Bibliographic Data
| ID | 10864867 |
|---|---|
| Authors | Xiaorong Zhou (0000-0002-6016-1995, Southwestern University of Finance and Economics, corresponding author), Karen M Gibler (0009-0005-3824-1787, Georgia State University), Karen Gibler (Georgia State University), Velma Zahirovic-Herbert (0000-0003-3552-3912, The University of Georgia, USA) |
| Year | 2015 |
| Volume | 52 |
| Issue | 5 |
| Pages | 891-905 |
| Publication date | 2015-04-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Urban Studies (JOURNAL) |
| Journal identifiers | ISSN: 0042-0980 • E-ISSN: 1360-063X |
| Publisher | SAGE Publications (PUBLISHER • US) |
| DOI | 10.1177/0042098014529464 |
| OpenAlex | W2139610806 |
| Language | EN |
| Citations received | 13 |
| References cited | 23 |
Buyers often pay different prices for almost identical houses. One possible explanation is that there are information asymmetries in housing markets. Perhaps, buyers from outside the area have higher search costs and know less about the local market relative to that of current residents. In addition, an out-of-town buyer’s price expectations could be anchored to market prices in their town of origin. This study examines the effect of buyer heterogeneity in the form of geographic location on house prices. We use a new data set to examine the non-local buyer information asymmetry and anchoring hypothesis. Using transaction data from a large development in Chengdu, China, our empirical models are estimated with relatively homogeneous units sold over a short period of time by one seller to minimise possible bias resulting from omitted variables. Our results support the hypotheses that non-local buyers pay higher prices and that high price anchoring occurs
Anchoring · Business · Database transaction · Econometrics · Economics · Hedonic Pricing · Homogeneous · Information asymmetry · Microeconomics · Transaction data · Economic and Environmental Valuation · Housing Market and Economics · Urban Planning and Valuation
Investors matter when prices are dispersed
Behavioural biases in real estate investment
Trust premium in the second-hand housing market
Park life
Behavioural finance, property values and housing conversion in Urban Ghana
Information asymmetry and anchoring in the housing market
Between Carrots And Sticks, From Intentions To Actions
Temporal transferability of the housing price component of an integrated land use and transportation model
Intrinsic and extrinsic attributes in real estate pricing
The determinants of informal housing price in Beijing
How a mandate of minimum green building standards influences green building adoption in the private housing sector
Bargaining power in apartment sales in Corsica
The housing market reaction to the combustible cladding crisis
| Unique citing works | 13 |
|---|---|
| Citations per year | 1,63 |
| Citation span | 2018 - 2026 (9) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 13 |