Loss Aversion and Seller Behavior: Evidence from the Housing Market
利用1990年代波士顿市中心的数据，研究发现损失厌恶显著影响住房市场卖方的定价和出售行为，包括设定更高的要价、获得更高的售价以及更低的出售概率，这有助于解释房地产市场中价格与成交量的正相关关系。
Data from downtown Boston in the 1990s show that loss aversion determines seller behavior in the housing market. Condominium owners subject to nominal losses 1) set higher asking prices of 25–35 percent of the difference between the property's expected selling price and their original purchase price; 2) attain higher selling prices of 3–18 percent of that difference; and 3) exhibit a much lower sale hazard than other sellers. The list price results are twice as large for owneroccupants as investors, but hold for both. These findings suggest that sellers are averse to realizing (nominal) losses and help explain the positive price-volume correlation in real estate markets.