Mistake #37: The effect of previously encountered prices on current housing demand

• 成果类型: Article
• 署名作者: Simonsohn, U; Loewenstein, G
• 署名单位: University of Pennsylvania; Carnegie Mellon University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2006.01052.x
• 发表日期: 2006
• 页码: 175-199
• 关键词: preference reversals; separate evaluations; loss aversion; CHOICE; QUALITY; context; joint

摘要

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.