This research employs data from a natural experiment to assess the effect of an improved price information shock on subsequent real estate transaction price dispersion. While transaction data in the Israeli real estate market had never been open to the public, in 2010 an Israeli court ordered...

This research employs data from a natural experiment to assess the effects of behavioral heuristics on housing choice and public program management. The analysis focuses on programs designed to privatize public housing in Israel. The government programs provided tenants with a call (real) option...

This research proposes and examines a new measure for assessing the state of housing affordability inequality. We employ a large micro-level data set by which we estimate and evaluate the time-varying housing affordability inequality in Israel over the period 1992-2011. Results show that our...

This paper explores preferences and choices in the real estate market from a personality perspective. First, we employ micro-level data on individual scores on the Big Five personality test and personal financial real estate preferences to evaluate the role of personality in individual real...

This paper examines the effect of a currency changeover on prices. A parsimonious model shows that, during a period of currency changeover, sellers and buyers conversely opt for the currency dominating the negotiation based on exchange rate fluctuations between the preceding and the new currency...

We analyze the brokerage service cost allocation in the rental housing market. We explain the alleged inconsistent phenomenon of landlords only occasionally requiring tenants to incur mediation cost. We show that when asymmetric information is introduced,under which tenants' tenure horizon is...

Empirical findings in physiology and psychology show that disabled persons often develop physical and mental mechanisms to compensate for disabilities. Coping mechanisms may not be limited to the psycho-physiological domain, however, and may extend to economic behavior. Improved economic...

We analyze the brokerage service cost allocation in the rental housing market. We explain the alleged inconsistent phenomenon of landlords only occasionally requiring tenants to incur mediation cost. We show that when asymmetric information is introduced,under which tenants' tenure horizon is...

When there is asymmetric information regarding the quality of a traded durable asset, the informed seller might signal asset quality to prospective uninformed buyers by investing in improvements and maintenance. In contrast to Spence (1973), however, this signal is productive. We derive...

We examine empirically and theoretically the multi-period pricing pattern in the real estate market. First, in a game theoretic framework, we identify conditions for determining whether potential closing prices increase or decrease and marginally increase with time on market. Then, by observing...