Social Influence in the Housing Market
利用美国人口普查数据，研究126个种族群体中住房消费的社会影响，发现群体内的购房决策存在局部相关性，且社会影响对年轻、低教育、低收入者及移民更强。
Abstract We utilize the decennial U.S. Census to study social effects in housing consumption across 4 million households from 126 ethnic groups and 2,071 geographic locations in the United States. We find that the homeownership decisions within ethnic groups are locally correlated, after controlling for the homeownership rates within the group and the region. Social influence is stronger for younger, less educated, and lower-income individuals; immigrants; and Americans with ancestors from more unequal, uncertainty-avoiding, and collectivistic cultures. Our results suggest that both status and information considerations play an important role in the social comparison process in capital markets.