Do as essay, not as I do? How inflated list prices of unsold essayer homes affect the price discovery process
研究了美国房地产市场中约30%未售出房屋的虚高标价（平均高于公平市场价值8.1%）对其他房屋挂牌价和成交价产生的溢出效应，发现虚高标价导致其他房屋挂牌价平均上涨5.3%、成交价上涨5%，且这种效应在经济繁荣期更强。
Abstract In the United States real estate market, around 30% of listed properties remain unsold. Moreover, these unsold properties are typically listed far above fair market value (8.1%). We examine the extent to which overpriced property listings exert externalities on list and sale prices in the residential housing market. Our results show that overpriced listings exert spillover effects that distort and inflate housing prices. They increase other properties' list prices, on average, by $39,086 (5.3%) and increase sale prices by $35,688 (5%). We also find that the extent of over‐pricing depends on the economic environment, specifically, overpricing is higher (lower) during booms (busts).