Presenter: Professor LIEN, Jaimie Wei-hung (Shandong University)
Host: Xie Mingjia, Assistant Professor (Li Anmin Institute of Economics, Liaoning University)
Guest Introduction: Wang Dandan, Assistant Professor (Li Anmin Institute of Economics, Liaoning University)
Date: May 16, 2025 (Friday) 14:30 - 16:00 (Beijing Time)
Location: Conference Room on the First Floor of Wuzhouyuan, Chongshan Campus, Liaoning University
Online address: Tencent Meeting 846-7809-5157
Language: Chinese/English
Abstract:
Prior studies on reference-dependence in the housing market have not considered transactions of neighboring properties as a potential reference point. We analyze administrative housing transactions data and show that both the seller’s original purchase price and the recent neighborhood selling prices are empirically valid reference points, controlling for market conditions. However, as the number of holding years of a property unit increases, the influence of the original purchase price as a reference point wanes, while the recent neighborhood transaction price becomes more influential. Thus, for longer holding periods, similar neighboring properties are better predictors of pricing under reference-dependence.
Speaker's Profile:
Jaimie W. Lien is University Distinguished Professor at Shandong University, and Co-Director for the Center for Research on Experimental and Theoretical Economics (CREATE). Dr. Lien received her B.A in Economics and Mathematics from Wellesley College, M.A. and Ph.D. in Economics from University of California, San Diego. She is an Associate Editor for International Journal of Finance and Economics, Scientific Reports and North American Journal of Economics and Finance.Her main research fields are behavioral economics, experimental economics and applied microeconomics. She has published about 30 research papers in journals including Nature Communications, Proceedings of the National Academy of Sciences, American Economic Review (Papers and Proceedings), Economic Journal, Games and Economic Behavior, Experimental Economics, Journal of Economic Behavior and Organization, and Economic Inquiry.
