A Statistical Explanation for Extreme Bids in the House Market.
This paper proposes a simple statistical explanation for the phenomenon of extreme bids. During a boom, the housing market regime switches from a single bidder to a multiple bidder environment. The sale price in a multiple bidder auction is the maximum bid and the distribution of maximum bids contai...
| Publicado en: | Urban Studies (Routledge) Vol. 44; no. 12; pp. 2339 - 2356 |
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| Autores principales: | , |
| Formato: | Artículo |
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Taylor & Francis Ltd
Nov2007
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=27256749&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 27256749 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00420980 UST jtl: Urban Studies (Routledge) issn: 00420980 maglogo: Y pubinfo: dt: Nov2007 vid: 44 iid: 12 pid: 377 pub: Taylor & Francis Ltd artinfo: ui: 27256749 10.1080/00420980701540903 ppf: 2339 ppct: 17 formats: fmt: @attributes: type: P size: 429KB tig: atl: A Statistical Explanation for Extreme Bids in the House Market. aug: au: Levin, Eric J. Pryce, Gwilym B. J. su: Housing market Buyer's market Housing finance Auctions Bidders sug: subj: Housing market Buyer's market Housing finance Auctions Bidders ab: This paper proposes a simple statistical explanation for the phenomenon of extreme bids. During a boom, the housing market regime switches from a single bidder to a multiple bidder environment. The sale price in a multiple bidder auction is the maximum bid and the distribution of maximum bids contains a much higher proportion of extreme bids compared with the distribution of single bidder valuations. While this theory does not preclude behavioural explanations of extreme bids, it does demonstrate that a world free from strategic and idiosyncratic behaviour would not be a world free from extreme bids during boom periods. Therefore, when gauging the impact of strategic or idiosyncratic behaviour (either hypothetically or empirically) one has to measure the effect against a baseline regime where extreme bids are inevitable, not against a world that is free from extreme bids. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: Copyright of Urban Studies (Routledge) is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. item: Urban Studies (Routledge) holder: Taylor & Francis Ltd dt: @attributes: year: 2007 holdings: @attributes: islocal: N |
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