Explaining Asset Mispricing Using the Resale Option and Inflation Illusion
研究了过度自信理论和通胀幻觉假说对资产错误定价的解释力，发现资产周转率（反映投资者信念分歧）比预期通胀更能解释美国住房市场的错误定价。
We investigate the overconfidence theory and inflation‐illusion hypothesis of asset mispricing. Both concepts address subjective asset valuation but place the impetus on differing explanations within the standard dividend‐growth model. We find that one of the theoretical outcomes of overconfidence—asset turnover—consistently explains mispricing in U.S. housing markets. Further, we find that asset turnover subsumes expected inflation in certain specifications, suggesting that dispersion in investors' beliefs is a better explanation of asset mispricing than the investors' inability to properly discount future cash flows.