Is Selection Bias Inherent in Housing Transactions? An Equilibrium Approach
构建了一个住房交易均衡模型，发现长期持有者倾向选择高质量房产、短期持有者选择低质量房产，导致市场上低质量房产居多，产生选择偏差，且偏差随质量与持有期差异增大而加剧。
We develop an equilibrium model for residential housing transactions in an economy with houses that differ in their quality and households that differ in their planned holding horizon. We show that, in equilibrium, a clientele effect persists, with long‐horizon buyers overwhelmingly choosing higher quality properties and short‐horizon buyers settling for lower quality properties. This clientele effect creates a sample selection bias: the properties that are on the market are predominantly of lower quality. Since these are the preferred choice of short‐horizon buyers, they demonstrate a faster turnover. Both the clientele effect and the selection bias are more pronounced with an increase in the variance of house quality and in the variance of the planned holding horizon. Our theoretical model supports empirical evidence on the existence of such bias in home price indices and explains it by the differences in ex ante holding horizons.