Loss Aversion in Real Estate Transactions

不動產交易之損失趨避

10.6545/JFS.201803_26(1).0002

趙慶祥(Ching-Hsiang Chao)；張傳章(Chuang-Chang Chang)；葉錦徽(Jin-Huei Yeh)

Loss aversion ； investor experience ； quantile regression ； real estate markets ； 損失趨避 ； 投資者經驗 ； 分量迴歸 ； 不動產市場

財務金融學刊

26卷1期（2018 / 03 / 31）

25 - 58

英文

This research examines loss aversion within the real estate market by evaluating evidence and a priori arguments on the effects of investor sentiment on willingness-to-accept among homeowners. Based upon a unique data set providing the complete histories of transactions in the real estate market, our findings reveal that the loss aversion phenomenon prevails regardless of homeowners' gender. Interestingly, young investors, and non-owner occupied investors faced with lower-priced cases exhibit higher levels of loss aversion. By sketching the whole conditional distribution via quantile regression, this study provides new evidence suggesting difference on cognitive biases across investors' residential region, gender, and age.

本研究驗證不動產市場中，屋主之售屋決策是否存在損失趨避行為與其所造成之影響。我們發現，損失趨避現象普遍存在於各「性別」。有趣的是，在銷售低價位房屋時，年輕與非自住投資者較容易受損失趨避影響。透過分量迴歸，本研究提供新證據，發現不動產投資者在不同住宅區域、性別和年齡間存在不同程度之認知偏差。

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