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Introduction
Households making housing decisions deviate systematically from textbook-rational behaviour. They are reference-dependent (anchored to the price they paid, even when current prices have moved); they exhibit loss aversion (refusing to sell at perceived losses, distorting market liquidity); they over-extrapolate recent trends, mis-time entry and exit. The behavioural-economics framing carries direct implications for housing policy: nudge-style interventions can adjust margins where the canonical rational-actor model predicts no response.
My work in this line spans reference dependence in UK and Chinese housing markets, loss aversion among developers timing project sales, and the behavioural foundations of homeownership across generations.
Research Grants
- Behavioural Economics and Institutional Analysis: China’s Land System Reform
- Spatial Governance, Behavioural Interventions and Regional Inequality
Collaboration network
To be added.
Events
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Publications
- The Effectiveness of Behavioural Interventions on Residential Location Choices and Commute Behaviours: Experimental Evidence from China
- Behavioural Finance and the Housing Market
- Between carrots and sticks, from intentions to actions: Behavioural interventions for housing decisions
- On the Strategic Timing of Sales by Real Estate Developers: To Wait or To Presell?
- Reference dependence in the UK housing market
- Reference dependence, loss aversion and residential property development decisions
- Behavioural science and housing decision making: A case study approach
- Housing wealth and residential energy consumption
- Investor overconfidence and trading activity in the Asia Pacific REIT markets
- “Smarter information, smarter consumers”? Insights into the housing market
- A Behavioral Interpretation of the NAV Discount Puzzle in Listed Real Estate Companies
- A prospect theory-based analysis of housing satisfaction with relocations: Field evidence from China
- Are We Humans or Are We Econs? Effect of Sunk Cost Fallacy on Real Estate Development Decisions
- House Price Determinants: The Roles of Fundamentals and Sentiments
- Loss Aversion and Housing Studies
- Reference-dependent analysis of capital structure and REIT performance
- Endowment effect and housing decisions
- Overconfidence and Real Estate Research: A Survey of The Literature
- Behavioural insights into housing relocation decisions: The effects of the Beijing Olympics
Working papers
To be added.
Interactive maps
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