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Testing for micro-efficiency in the housing market

Anundsen, Andre Kallåk; Røed Larsen, Erling
Journal article, Peer reviewed
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URI
http://hdl.handle.net/11250/2575819
Date
2018
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  • Publikasjoner fra CRIStin - BI [644]
  • Scientific articles [1334]
Original version
International Economic Review. 2018, 59 (4), 2133-2162.   10.1111/iere.12332
Abstract
Using highly granular transaction-level data for the Norwegian housing market over the period 2002–2014, we investigate whether excessive prices persist or revert in repeat sales. Excessiveness in prices is detected by comparing selling prices to predicted prices implied by a hedonic model, which includes a rich set of attributes. Persistence is rejected and there is substantial reversion in excessive prices. Our results also show little scope for profitable arbitrage by investing in apparently underpriced units. We suggest that excessive prices are related to the stochastic arrival of interested purchasers at public showings, which we show is nonrepeatable.
Publisher
Wiley
Journal
International Economic Review

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