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Testing for Information Asymmetries in Real Estate Markets

Kurlat, Pablo D. - 2014

We study equilibrium outcomes in markets with asymmetric information about asset values among both buyers and sellers. In residential real estate markets hard-to-observe neighborhood characteristics are a key source of information heterogeneity: sellers are usually better informed about...

Persistent link: https://www.econbiz.de/10013059752

Multiple Dimensions of Private Information in Life Insurance Markets

Wu, Xi - 2015

information on mortality risk. The reason for this contradictory result is the existence of multiple dimensions of private … on mortality risk. A mixture density model is applied to disentangle these two effects …

Persistent link: https://www.econbiz.de/10013034714

Health Capacity to Work at Older Ages in France

Blanchet, Didier - 2016

France stands out as a country with a low labor force attachment of older workers. A reversal in the trend of French … additional years of life between work and retirement is questionable. Considering mortality and health status, we question the … for given mortality rates; the other using the work/health relationship measured at certain ages to predict the health …

Persistent link: https://www.econbiz.de/10012997903

Mortality Risk, Insurance, and the Value of Life

Bauer, Daniel - 2018

assumptions of full annuitization and deterministic health. Our framework can value the prevention of mortality and of illness … add $127 billion to the value of a one percent decline in future mortality …

Persistent link: https://www.econbiz.de/10012911078

Annuities for an Ageing World

Mitchell, Olivia S.; McCarthy, David Glen - 2021

Substantial research attention has been devoted to the pension accumulation process, whereby employees and those advising them work to accumulate funds for retirement. Until recently, less analysis has been devoted to the pension decumulation process -- the process by which retirees finance...

Persistent link: https://www.econbiz.de/10013229333

Redistribution and Insurance : Mandatory Annuitization with Mortality Heterogeneity

Brown, Jeffrey R. - 2021

This paper examines the distributional implications of mandatory longevity insurance when there is mortality … alternative annuity programs in the presence of differential mortality across groups. This paper embeds that analysis into a life … is welfare enhancing even for those individuals with much higher-than-average expected mortality rates, so long as …

Persistent link: https://www.econbiz.de/10013232883

Using Market Valuation to Assess Public School Spending

Barrow, Lisa; Rouse, Cecilia Elena - 2021

In this paper we use a 'market-based' approach to examine whether increased school expenditures are valued by potential residents and whether the current level of public school provision is inefficient. We do so by employing an instrumental variables strategy to estimate the effect of state...

Persistent link: https://www.econbiz.de/10013236678

Do Housing Prices Reflect Environmental Health Risks? Evidence from More than 1600 Toxic Plant Openings and Closings

Currie, Janet M. - 2013

A ubiquitous and largely unquestioned assumption in studies of housing markets is that there is perfect information about local amenities. This paper measures the housing market and health impacts of 1,600 openings and closings of industrial plants that emit toxic pollutants. We find that...

Persistent link: https://www.econbiz.de/10013088672

Collateral Valuation and Borrower Financial Constraints : Evidence from the Residential Real Estate Market

Agarwal, Sumit - 2013

Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...

Persistent link: https://www.econbiz.de/10013073558

Learning About Housing Cost : Survey Evidence from the German House Price Boom

Kindermann, Fabian; Piazzesi, Monika; Schneider, Martin; … - 2022

This paper uses new household survey data to study expectation formation during the recent housing boom in Germany. The cross section of forecasts depends on only two household characteristics: location and tenure. The average household in a region responds to local conditions but underpredicts...

Persistent link: https://www.econbiz.de/10014237785