Do Out‐of‐State Buyers Pay More for Real Estate? An Examination of Anchoring‐Induced Bias and Search Costs
研究了外州买家是否比本地买家为房地产支付更高价格，发现外州买家在凤凰城公寓交易中支付了显著溢价，原因可能包括高搜索成本、锚定偏差和购买时间紧迫。
We explore the questions of whether and why out‐of‐state buyers pay more for real estate than their in‐state counterparts. Theoretically, we develop a model capable of explaining a premium if out‐of‐state buyers have high search costs, upwardly biased beliefs about prices or an unusually short time horizon to purchase. Empirically, we find that out‐of‐state buyers pay a statistically significant and economically meaningful premium for apartment complexes in the Phoenix area. We also find some evidence consistent with the premium being driven by high search costs, biased beliefs (anchoring) and haste associated with out‐of‐state buyers.