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Two Essays on the Microstructure of ...

Li, Zhaohui.

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Two Essays on the Microstructure of the Housing Market: Agents' Diffused Effort and Sellers' Behavior Bias = = 关于住房市场微观结构的两篇论文：代理人的分散努力和卖家的行为偏见.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Two Essays on the Microstructure of the Housing Market: Agents' Diffused Effort and Sellers' Behavior Bias =/
Reminder of title:	关于住房市场微观结构的两篇论文：代理人的分散努力和卖家的行为偏见.
Author:	Li, Zhaohui.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
Description:	110 p.
Notes:	Source: Dissertations Abstracts International, Volume: 82-01, Section: A.
Contained By:	Dissertations Abstracts International82-01A.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27997877
ISBN:	9798662469341

Two Essays on the Microstructure of the Housing Market: Agents' Diffused Effort and Sellers' Behavior Bias = = 关于住房市场微观结构的两篇论文：代理人的分散努力和卖家的行为偏见.
Li, Zhaohui.

Two Essays on the Microstructure of the Housing Market: Agents' Diffused Effort and Sellers' Behavior Bias =关于住房市场微观结构的两篇论文：代理人的分散努力和卖家的行为偏见. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 110 p.

Source: Dissertations Abstracts International, Volume: 82-01, Section: A.

Thesis (Ph.D.)--Old Dominion University, 2020.

This item must not be sold to any third party vendors.

For the first essay, we generalize the classic Williams [1998 RFS] brokerage model by introducing the diffused effort. That is, the agent can cross-utilize effort spending on one listing to another one. Besides, the agent can manage heterogeneous housing assets. One counterintuitive finding in Williams' paper is the absence of the agency problem. As a special case in our model, we recover the agency problem. We examine the positive externality due to the diffused effort and show that it depends on the agent's inventory size. Hence there exists a trade-off between agents' effort spending on existing listings and on finding a new listing.For the second essay, we model a home seller's pricing decision under a generally defined prospect value function. We show a simple disposition effect is caused by reference dependence, but it only exists when the agent is risk neutral. Diminishing sensitivity will lead to a two-way disposition effect by generating a local reverse disposition effect, a range in which the seller's asking price decreases with increasing potential loss. Loss aversion tends to magnify the disposition effect and hence mitigates the reverse disposition effect. One direct implication is that acclaimed tests on loss aversion such as Genesove and Mayer [2001] and Pope and Schweitzer [2011] are likely invalid. We present evidence consistent with the model by using multiple listing service data from Virginia. Our findings suggest that studies which predominantly focus on a one-way disposition effect can be overly simplistic and misleading as it depends on the strong assumption of risk neutrality.

ISBN: 9798662469341Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Agency Theory

Two Essays on the Microstructure of the Housing Market: Agents' Diffused Effort and Sellers' Behavior Bias = = 关于住房市场微观结构的两篇论文：代理人的分散努力和卖家的行为偏见.
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245 1 0 $a Two Essays on the Microstructure of the Housing Market: Agents' Diffused Effort and Sellers' Behavior Bias = $b 关于住房市场微观结构的两篇论文：代理人的分散努力和卖家的行为偏见.
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300 $a 110 p.
500 $a Source: Dissertations Abstracts International, Volume: 82-01, Section: A.
500 $a Advisor: Najand, Mohammad.
502 $a Thesis (Ph.D.)--Old Dominion University, 2020.
506 $a This item must not be sold to any third party vendors.
520 $a For the first essay, we generalize the classic Williams [1998 RFS] brokerage model by introducing the diffused effort. That is, the agent can cross-utilize effort spending on one listing to another one. Besides, the agent can manage heterogeneous housing assets. One counterintuitive finding in Williams' paper is the absence of the agency problem. As a special case in our model, we recover the agency problem. We examine the positive externality due to the diffused effort and show that it depends on the agent's inventory size. Hence there exists a trade-off between agents' effort spending on existing listings and on finding a new listing.For the second essay, we model a home seller's pricing decision under a generally defined prospect value function. We show a simple disposition effect is caused by reference dependence, but it only exists when the agent is risk neutral. Diminishing sensitivity will lead to a two-way disposition effect by generating a local reverse disposition effect, a range in which the seller's asking price decreases with increasing potential loss. Loss aversion tends to magnify the disposition effect and hence mitigates the reverse disposition effect. One direct implication is that acclaimed tests on loss aversion such as Genesove and Mayer [2001] and Pope and Schweitzer [2011] are likely invalid. We present evidence consistent with the model by using multiple listing service data from Virginia. Our findings suggest that studies which predominantly focus on a one-way disposition effect can be overly simplistic and misleading as it depends on the strong assumption of risk neutrality.
520 $a 在第一篇论文中，我们对经典的Williams [1998，RFS] 的文章中的经纪人模型进行了概括，并引入了分散努力。即代理人可以将在一个房源上的努力支出交叉使用到另一个房源上。此外，代理人可以同时管理异质的房屋资产。Williams论文中的一个反直觉的发现是不存在代理人问题。作为我们模型中的一个特殊情况，我们找到了代理人问题存在的证据。我们研究了扩散努力所带来的正外部性，并表明它取决于代理人的库存规模。因此，在代理人花在现有房源上的努力和寻找新房源上的努力之间存在着一种权衡。在第二篇论文中，我们对基于一般定义的前景价值函数下的房屋卖方定价决策进行了建模。我们发现，简单的处置效应是由参考依赖性引起的，但只有当代理人是风险中性的时候，这种效应才会存在。卖方边际效用的递减将产生一个局部的反向处置效应，即卖方的要价随着潜在损失的增加而降低。从而和正向处置效应一起，产生双向处置效应。损失厌恶倾向于放大这一处置效应，从而减轻反向处置效应。我们的模型一个直接的应用是，Genesove 和 Mayer [2001] 以及Pope 和 Schweitzer [2011] 等关于损失厌恶性的测试可能是无效的。我们通过使用弗吉尼亚州的MLS房源系统数据，提出了与该模型一致的证据。我们的研究结果表明，主要关注单向处置效应的研究可能过于简单化和误导性，因为它取决于风险中性这一强烈假设。.
590 $a School code: 0418.
650 4 $a Finance. $3 542899
650 4 $a Economics. $3 517137
650 4 $a Regional studies. $3 3173672
653 $a Agency Theory
653 $a Diffused Effort
653 $a Disposition Effect
653 $a Housing Market
653 $a Loss Aversion
653 $a Residential Brokerage
690 $a 0508
690 $a 0501
690 $a 0604
710 2 $a Old Dominion University. $b Finance. $3 2095846
773 0 $t Dissertations Abstracts International $g 82-01A.
790 $a 0418
791 $a Ph.D.
792 $a 2020
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27997877