SUPERSTITION IN THE HOUSING MARKET
type="main" xml:lang="en"> <p>We provide the first solid evidence that Chinese superstitious beliefs can have significant effects on house prices in a North American market with a large immigrant population. Using real estate data on close to 117,000 house sales, we find that houses with address number ending in “4” are sold at a 2.2% discount and those ending in “8” are sold at a 2.5% premium in comparison to houses with other addresses. These price effects are found either in neighborhoods with a higher than average percentage of Chinese residents, consistent with cultural preferences, or in repeated transactions, consistent with speculative behavior. (JEL D03, R2, Z1)
Year of publication: |
2014
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Authors: | FORTIN, NICOLE M. ; HILL, ANDREW J. ; HUANG, JEFF |
Published in: |
Economic Inquiry. - Western Economic Association International - WEAI, ISSN 0095-2583. - Vol. 52.2014, 3, p. 974-993
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Publisher: |
Western Economic Association International - WEAI |
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