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Buyers' Attention and China's Second-Hand House Prices: Analysis from the Perspective of Attention Economics

Other title购房者的关注度与中国二手房价格 ——基于注意力经济学视角的分析
ContributorsYao, Yao
Number of pages76
Imprimatur date2020
Defense date2020
Abstract

This paper introduces the buyers’ attention into the research on the market price of second-hand houses in China, and finds out that the attention of buyers has a statistically significant negative effect on the price of second-hand houses in China. The innovation in data is that through web crawler technology, this paper collects the listed prices of second- hand houses in several important cities of China, the times of the buyers’ attention to the houses and the times of the buyers visiting to the houses, then formed the unique micro data. Through the method of regression, this paper finds some new conclusion, such as the more attention the buyer pays to, the easier it is to eliminate the information asymmetry and thus reduce the price of the house. By adding the cross-product term into the regression equation, we found that the attention of the buyers affects the transmission path of the second-hand house price. Generally speaking, if the house is better, the negative impact of buyers’ attention on the house price is greater. In addition, this paper also studies the degree of this effect in different periods of monetary policy implementation, and finds out that the faster the monetary issuance, the greater the negative impact of home buyers' attention on the house price. Therefore, the research conclusion of this paper not only theoretically shows that the attention of buyers has a significant impact on the price of second-hand houses, but also provides decision-making advice for the development of second-hand house sales strategy, even some policy implication for government regulation of real estate.

engchi
Keywords
  • Real Estate Price
  • Buyers' Attention
  • Monetary Policy
Citation (ISO format)
YAO, Yao. Buyers” Attention and China’s Second-Hand House Prices: Analysis from the Perspective of Attention Economics. 2020.
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Thesis
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Thesis - Version chinoise
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Identifiers
  • PID : unige:174274
  • Thesis number : DAPS-0013
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