Is There a Link Between Money Illusion and Homeowners’ Expectations of Housing Prices?
通过调查房主对货币幻觉的感知和房价预期，发现房主存在货币幻觉但房价预期合理，且两者关系复杂，未发现特定个体特征与之相关。
Money illusion is a behavioral bias in which a person thinks in terms of nominal rather than real values. This article reports homeowners’ responses to a survey designed to measure the extent of money illusion as well as homeowners’ expectations regarding home valuations. Our survey respondents suffer from money illusion, yet they have reasonable expectations of home prices. Our analysis did not identify any unique individual characteristic that correlates with homeowners’ choices and suggests that the relationship between money illusion and mispricing is subtle and multifaceted.