Holtemöller, Oliver; Schulz, Rainer - In: German Economic Review 11 (2010) 11, pp. 465-486
We analyze the behavior of investors in the Berlin rental apartment house market over the years 1980-2004. Using constant-quality multipliers (price-rent ratios), we reject the hypothesis that multipliers in the market were set in a rational manner. Supported by narrative evidence, we conjecture...