Articles

Évolution de prix de référence du vendeur : une étude expérimentale sur le marché immobilier

R. Chenavaz, C. PARASCHIV

Revue Française du Marketing

March 2009, n°221, pp.31-45

Departments: Economics & Decision Sciences, GREGHEC (CNRS)


Consumer decision-making models generally use a reference point for prices. In the context of real estate markets, we study sellers' reference point adaptation on a growing and a declining market. We show that (1). sellers' reference point adapts faster on a growing real estate market than on a declining real estate market ; (2). sellers accept prices lower than market prices on a growing real estate market while they ask for prices higher than market prices on a declining real estate market and (3) initial buying price of a apartment plays a more important role on a declining than on a growing real estate market.Loss aversionProspect theoryReal estateReference pointAversion aux pertesImmobilierPoint de référenceProspect theory


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