讲座题目：Extrapolative Households and Strategic Firms: Evidence from China’s Land and Housing Market
报告人:Yan Song
内容摘要：This paper investigates households’ extrapolative behaviors and developers’ responses in China’s land and housing markets. Our stylized model predicts that when households extrapolate in the housing market, developers with nearby land stocks strategically bid higher, capitalizing on households’ mistakes. Leveraging the exogeneity of land auctions’ dates, we show that higher land premiums lead to increased transaction prices and volumes of nearby houses. Furthermore, developers with land stocks near the auctioned land paid higher premiums. We implement various tests and exploit a policy reform to rule out alternative explanations to support the notion of developers manipulating homebuyers’ behaviors.
报告人简介：Yan Song is an associate professor in Department of Economics, Shandong University. His research areas are education and health economics, with a focus on how individuals deviate from rationality when making decisions in education and healthcare contexts. His research has been published in Health Economics, Economics of Education Review and Journal of Economic and Behavior Organization.
时间：2024年11月14日周四中午12:00-13:15
地点：学术会堂（南楼）608
