What is it about?
new ways to test and quantify social contagion in terms of housing bubbles through housing market auction activities.
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Why is it important?
This is the first study of using empirical data to measure social contagion as indicators for housing bubbles. Previously this has to be done through a survey questionnaire method which could be problematic and sometimes unrealistic. More importantly, it provides a causality analysis regarding the relationship between asset prices and social contagion.
Perspectives
This article was inspired by the work of animal spirits written by Akerlof and Shiller (2009). It has been a long time goal for me to write an article in terms of measuring the animal spirits in an overheated housing market.
Dr Song Shi
University of Technology Sydney
Read the Original
This page is a summary of: Catch Animal Spirits in Auction: Evidence from New Zealand Property Market, Real Estate Economics, June 2017, Wiley,
DOI: 10.1111/1540-6229.12206.
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