TESTING FOR MICRO‐EFFICIENCY IN THE HOUSING MARKET
利用挪威2002-2014年高粒度交易数据，检验住房市场中过高价格是否持续存在，发现价格显著回归，且套利空间很小。
Abstract Using highly granular transaction‐level data for the Norwegian housing market over the period 2002–2014, we investigate whether excessive prices persist or revert in repeat sales. Excessiveness in prices is detected by comparing selling prices to predicted prices implied by a hedonic model, which includes a rich set of attributes. Persistence is rejected and there is substantial reversion in excessive prices. Our results also show little scope for profitable arbitrage by investing in apparently underpriced units. We suggest that excessive prices are related to the stochastic arrival of interested purchasers at public showings, which we show is nonrepeatable.