Abstract
Abstract The article attempts to explain market levels of housing prices by supplementing the set of typical objective explanatory variables with variables of behavioral background. The proposed explanatory variables reflect the anchoring effect of prices, understood as the acceptance by market participants of such price levels that are justified not only in terms of socio-economic factors, but also in levels entrenched in their minds. The purpose of the study is to show that the anchoring effect identified through behavioral economics can be generalized and applied to the market behavior of many market participants, and thus explain the weak correspondence between listed housing prices and their objective factors. The study covers 17 local real estate markets in Poland and employs econometric models built under slightly modified procedures of backward stepwise regression.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
