Anchoring to Purchase Price and Fundamentals: Application of Salience Theory to Housing Cycle Diagnosis
提出卖家不仅锚定于首次购买价格，还锚定于首次出售时的本地基本面，用“显著缺口”（市场价值变化减去本地基本面变化）替代房价与基本面之比，作为住房周期诊断工具。康涅狄格州数据表明该缺口影响卖家的要价和成交价，并能比传统比率更早、更稳健地诊断泡沫条件。
Abstract We propose that, in addition to the first price of a repeat pair, sellers also anchor to local fundamentals at the date of the first sale. We redefine an important diagnostic tool for housing cycles by replacing the ratio of house prices to fundamentals with a salient gap: change in market value minus change in local fundamental value between any two sales. Connecticut data shows that the salient gap influences asking and market prices for sellers facing expected gains or losses and that the gap provides early, robust diagnosis of bubble conditions compared to ratios.