Duration‐dependent transaction tax effects on sellers and their behaviors
研究了新加坡私人住房市场中持续时间依赖的卖方印花税如何通过锁定效应降低市场流动性，发现该税导致卖方提高售价、降低销售概率并转向出租。
Abstract We identify three interrelated behavioral outcomes of the duration‐dependent seller's stamp duty (SSD) implemented in the Singaporean private housing market and examine how it reduces market liquidity. An SSD lowers lock‐in home sellers’ opportunity cost of holding their properties through the lock‐in period thresholds. Consequently, their selling prices are higher than non–lock‐in home sellers. An SSD lowers their probability of home sales; the magnitude of this effect depends on the SSD's tax rate and tax rate deduction across a threshold. Moreover, an SSD drives some lock‐in home sellers to lease out the properties at lowerents.