NDLI: Cultural Superstitions and Residential Real Estate Prices: Transaction-Level Evidence from the US Housing Market

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Cultural Superstitions and Residential Real Estate Prices: Transaction-Level Evidence from the US Housing Market

Content Provider	Scilit
Author	Humphreys, Brad R. Nowak, Adam Zhou, Yang
Copyright Year	2016
Description	Journal: SSRN Electronic Journal The number 8, pronounced like 'prosperity,' is lucky in Chinese culture; 4, pronounced like 'death' is unlucky. Superstitious beliefs may influence asset prices if transaction participants have cultural preferences for specific numbers. We analyze the relationship between the presence of 8s and 4s in addresses and single family home transaction prices in Seattle, Washington over the period 1990 to 2015. We tokenize names of 1948-2012 Summer Olympics athletes for team China and US to predict individual buyer and seller ethnicity. Results show Chinese buyers pay a 1.8% premium for addresses containing 8s. Sellers receive a 1.6% premium. Chinese buyers pay a 1% discount for addresses ending in 4.
Related Links	http://busecon.wvu.edu/phd_economics/pdf/16-27.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=2890655
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.2890655
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2016-12-17
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Buyers Pay Pronounced Like
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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