@article{GohlHaanMichelsenetal.2023,
  author    = {Gohl, Niklas and Haan, Peter and Michelsen, Claus and Weinhardt, Felix},
  title     = {House price expectations},
  series = {Journal of economic behavior \& organization},
  volume    = {218},
  journal   = {Journal of economic behavior \& organization},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {0167-2681},
  doi       = {10.1016/j.jebo.2023.12.015},
  pages     = {379 -- 398},
  year      = {2023},
  abstract  = {This study examines short-, medium-, and long-run price expectations in housing markets. At the heart of our analysis is the combination of data from a tailored in-person household survey, past sale offerings, satellite imagery on developable land, and an information treatment (RCT). As novel finding, we show that price expectations show no evidence for momentum-effects in the long run. We also do not find much evidence for behavioural biases in expectations related to individual housing tenure decisions. Confirming existing findings, we find momentum-effects in the short-run and that individuals, to a limited extend, use aggregate price information to update local expectations. Lastly, we provide suggestive evidence corroborating existing findings that expectations are relevant for portfolio choice.},
  language  = {en}
}