Reference Points Spillovers: Micro-Level Evidence from Real Estate
研究发现，房主购房时的市场价位会长期影响其售价和租金，且这种参考点效应会溢出到邻近房源，溢出效应约为自身效应的一半，竞争机制是主要解释。
Abstract Homeowners who originally bought when marketwide price levels were high (low) fetch high (low) sales prices and rents, even decades later. We study the propagation of reference-dependence to neighboring listings. The “spillover” reference point effect is about one-half as large as the “own” reference point effect. Neither house quality nor location appears capable of explaining the result. Using a simple model to provide empirical predictions, we find support for a competition-based mechanism. We quantify the aggregate effect of own and spillover reference point effects on aggregate prices and/or rents at the ZIP code level. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.