Real Estate Brokerage and Endowment Effects in the Housing Market: Evidence From Poland
Mateusz Tomal
Abstract:In the housing market, the prices sellers would be willing to accept to sell their properties exceed the prices buyers would be willing to pay for them. Behavioural economics postulates that this discrepancy is due to the endowment effect, which is a cognitive bias that causes the overvaluation of the goods we own. However, the existing literature lacks theoretical considerations and empirical evidence on the impact of the use of real estate agents by parties to transactions on the endowment effect in the hous… Show more
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