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研究生:于立瑋
研究生(外文):Li-Wei Yu
論文名稱(外文):Endowment Effect in the Taiwan Real Estate Market
指導教授:張傳章張傳章引用關係
學位類別:碩士
校院名稱:國立中央大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:英文
論文頁數:59
中文關鍵詞:稟賦效果損失趨避參考點
外文關鍵詞:Endowment effectLoss aversionReference point
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稟賦效果意指人們常常會對於自己擁有的東西給予相較於尚未擁有前更高的評價,其一概念為Thaler (1980) 所提出。過去許多學者透過損失趨避(loss aversion)的概念來解釋稟賦效果,但隨著時間的推移,許多學者也提出以不同的想法來解釋稟賦效果。在這篇論文中,我們以參考點(reference point)的概念為主軸,並以此衡量房屋賣家是否存在稟賦效果,我們使用台灣房屋所提供的歷史交易資料來探討台灣的房地產市場是否具有稟賦效果。其結果發現不論性別與年齡都存在著稟賦效果;隨著市場的流動性增加,稟賦效果也隨其增大。稟賦效果的存在使得房屋持有者在訂定售價時偏離合理價格。
Endowment effect means that individuals demand much more to give a good up than they would pay to acquire it. Based on prior relative studies, loss aversion has typically accounted for the endowment effect, but in this thesis we model endowment effects with the opinion of reference point. We examine whether endowment effects exist in the real estate market based on a unique dataset which provides the historical transactions from the largest real estate brokerages in Taiwan. Our findings suggest the endowment effects exist regardless of the gender and the experience. However, we also find that the endowment effect is going to be stronger when the liquidity increases, even residents living in different geographical regions. The existence of endowment effect leads the homeowners to rise the deviations from reasonable and actual housing values.
1. Introduction…………………………………………………………………………………………………1
2. Literature Review……………………………………………………………………………………5
3. The Theoretical Framework………………………………………………………………8
4. The Hypothesis Development…………………………………………………………12
4.1 Endowment Effect……………………………………………………………………………12
4.2 Gender in Endowment Effect…………………………………………………12
4.3 Experience and Endowment effect……………………………………13
4.4 Liquidity………………………………………………………………………………………………14
5. Data and Methodology…………………………………………………………………………15
 5.1 Data……………………………………………………………………………………………………………15
5.2 Variable and Methodology………………………………………………………16
5.2.1 Dependent variable…………………………………………………………16
5.2.2Variables……………………………………………………………………………………16
5.2.3 Methodology……………………………………………………………………………20
6. Empirical Results…………………………………………………………………………………21
6.1 Sample Description………………………………………………………………………21
6.2 Endowment Effect……………………………………………………………………………22
6.3 Illiquidity…………………………………………………………………………………………25
6.4 Market Condition……………………………………………………………………………26
7. Test Robustness………………………………………………………………………………………28
8. Conclusions…………………………………………………………………………………………………30
9. References……………………………………………………………………………………………………32
10. Tables……………………………………………………………………………………………………………36

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