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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/119659

    Title: The Role of Buy-Side Anchoring Bias: Evidence from the Real Estate Market
    Authors: Chang, C.C.;Yeh, J.H.
    Keywords: Real estate markets;Anchoring bias;Willingness to pay
    Date: 2015-10-05
    Issue Date: 2020-11-25 12:11:33 (UTC+8)
    Abstract: We examine anchoring bias within the real estate market by evaluating evidence and a priori arguments on the effects of investor sentiment on willingness-to-pay among homebuyers. Based upon a unique dataset which provides the complete histories of transactions in the real estate market, we investigate whether market participants can see through the bias. Our findings reveal that the anchoring phenomenon prevails regardless of homebuyer's gender. Homebuyers faced with higher systemic uncertainty and out-of-state housing transactions exhibit higher levels of anchoring; the heuristic thinking biased on investors' willingness-to-pay gives rise to the deviations from reasonable housing values.
    Relation: 2015 Financial Management Association (FMA)
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Proceeding

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