Using a panel logit framework, the paper provides an estimate of the likelihood of a house price correction in 18 OECD countries. The analysis shows that a simple measure of the degree of house price overvaluation contains a lot of information about subsequent price reversals. Corrections are...

This paper considers a consumption-based asset pricing model where housing is explicitly modeled both as an asset and as a consumption good. Nonseparable preferences describe households' concern with composition risk, that is, fluctuations in the relative share of housing in their consumption...

Professional judges receive a fixed salary and are largely exempt from disciplinary sanctions. How can performance still be secured? Judges share a culture consisting of work-related norms and values, derive status from their standing within the professional community, and are susceptible to...