Reference Dependence in the Housing Market
利用丹麦行政数据量化住房市场中的参考依赖和损失厌恶，发现家庭从原始购房价格中获得的收益带来显著效用，而损失的影响约为收益的2.5倍，模型有助于解释房价与交易量的正相关关系。
We quantify reference dependence and loss aversion in the housing market using rich Danish administrative data. Our structural model includes loss aversion, reference dependence, financial constraints, and a sale decision, and matches key nonparametric moments, including a “hockey stick” in listing prices with nominal gains, and bunching at zero realized nominal gains. Households derive substantial utility from gains over the original house purchase price; losses affect households roughly 2.5 times more than gains. The model helps explain the positive correlation between aggregate house prices and turnover, but cannot explain visible attenuation in reference dependence when households are more financially constrained.