Familiarity Bias and Perceived Future Home Price Movements
Michael Joseph Seiler
Old Dominion University - Finance
Vicky L. Seiler
Johns Hopkins University
David M. Harrison
Texas Tech University
affiliation not provided to SSRN
March 13, 2011
Journal of Behavioral Finance, Forthcoming
This study empirically confirms the existence of the status quo deviation aversion hypothesis, but not increasing status quo deviation aversion, in people who own their primary residence. The examination was conducted in the 20 Case-Shiller MSAs across the country. The results are systemic and do not vary substantially by demographic characteristics. However, variations are noted with different levels of real estate knowledge, income, purchase motive, relative home tenure, and excess relative housing risk.
Number of Pages in PDF File: 41
Keywords: familiarity bias, behavioral real estate, status quo deviation aversion, increasing status quo deviation aversionAccepted Paper Series
Date posted: March 18, 2011 ; Last revised: June 22, 2011
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