The effects of reference pricing on housing market: Evidence from Shenzhen China
This paper investigates an unprecedented regulation measure in the housing market, reference pricing, with evidence from Shenzhen China. We use a unique panel dataset, obtained through questionnaires to real estate agents, to document the effects of the policy on the housing market. The hypotheses t...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Economists' Association of Vojvodina
2023-01-01
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| Series: | Panoeconomicus |
| Subjects: | |
| Online Access: | http://www.doiserbia.nb.rs/img/doi/1452-595X/2023/1452-595X2200015A.pdf |
| _version_ | 1811155163347419136 |
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| author | Arestis Philip Lai Mianshan Hou Jia |
| author_facet | Arestis Philip Lai Mianshan Hou Jia |
| author_sort | Arestis Philip |
| collection | DOAJ |
| description | This paper investigates an unprecedented regulation measure in the housing market, reference pricing, with evidence from Shenzhen China. We use a unique panel dataset, obtained through questionnaires to real estate agents, to document the effects of the policy on the housing market. The hypotheses that trading volume and house price decrease are validated by the data, while the one that turnover time increases is not supported. We discuss potential mechanisms that may explain these effects. Meanwhile, we infer estate-level discount factors that are not public information. Based on these factors, we forecast reference prices for the subsequent year. Overall, this paper fills the gap in the field of reference pricing effects on the housing market. |
| first_indexed | 2024-04-10T04:29:31Z |
| format | Article |
| id | doaj.art-74ad96bc48a04b999a483ddd82ebc03c |
| institution | Directory Open Access Journal |
| issn | 1452-595X 2217-2386 |
| language | English |
| last_indexed | 2024-04-10T04:29:31Z |
| publishDate | 2023-01-01 |
| publisher | Economists' Association of Vojvodina |
| record_format | Article |
| series | Panoeconomicus |
| spelling | doaj.art-74ad96bc48a04b999a483ddd82ebc03c2023-03-10T08:05:31ZengEconomists' Association of VojvodinaPanoeconomicus1452-595X2217-23862023-01-0170112710.2298/PAN220629015A1452-595X2200015AThe effects of reference pricing on housing market: Evidence from Shenzhen ChinaArestis Philip0Lai Mianshan1Hou Jia2University of Cambridge, Cambridge, UKShenzhen University, Shenzhen, ChinaShenzhen University, Shenzhen, ChinaThis paper investigates an unprecedented regulation measure in the housing market, reference pricing, with evidence from Shenzhen China. We use a unique panel dataset, obtained through questionnaires to real estate agents, to document the effects of the policy on the housing market. The hypotheses that trading volume and house price decrease are validated by the data, while the one that turnover time increases is not supported. We discuss potential mechanisms that may explain these effects. Meanwhile, we infer estate-level discount factors that are not public information. Based on these factors, we forecast reference prices for the subsequent year. Overall, this paper fills the gap in the field of reference pricing effects on the housing market.http://www.doiserbia.nb.rs/img/doi/1452-595X/2023/1452-595X2200015A.pdfreference pricinghousing pricehousing market |
| spellingShingle | Arestis Philip Lai Mianshan Hou Jia The effects of reference pricing on housing market: Evidence from Shenzhen China Panoeconomicus reference pricing housing price housing market |
| title | The effects of reference pricing on housing market: Evidence from Shenzhen China |
| title_full | The effects of reference pricing on housing market: Evidence from Shenzhen China |
| title_fullStr | The effects of reference pricing on housing market: Evidence from Shenzhen China |
| title_full_unstemmed | The effects of reference pricing on housing market: Evidence from Shenzhen China |
| title_short | The effects of reference pricing on housing market: Evidence from Shenzhen China |
| title_sort | effects of reference pricing on housing market evidence from shenzhen china |
| topic | reference pricing housing price housing market |
| url | http://www.doiserbia.nb.rs/img/doi/1452-595X/2023/1452-595X2200015A.pdf |
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