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- Hungria-Gunnelin, Rosane, 1974-
(författare)
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Empirical studies of auctions of non-distressed residential real estate
- 2019
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Real estate auctions have become a popular sales mechanism in Sweden in the past couple of decades when the internet facilitated the marketing of properties for sale. With the possibility to display several exterior and interior pictures of the property rather than the single façade picture style of traditional newspapers advertisements, and a more detailed description of the object, brokers significantly increased the number of potential buyers at the showings of properties for sale. The increase in the number of visitors has, especially in the larger cities in Sweden, increased the frequency of bidding wars, in which the winning bid ends far above the list price. Many auction participants, especially those who are inexperienced, perceive the auction-based sales mechanism as very stressful considering that the purchase of a home is for most buyers the largest investment they will ever make. Therefore, the auction mechanism for selling homes is regularly debated in media, among politicians and by regulatory bodies. The scientific literature analyzing auctions of non-distressed homes is, however, very limited. Hence, the debate and analysis of the Swedish auction-based sales mechanism has little empirical evidence to lean on. A main reason for the lack of scientific work in this area is the difficulty to obtain sufficiently detailed auction data to study how sellers’ list price strategy and auction participants bidding strategies affect the outcome of real estate auction auctions and the occurrence of a winner’s curse.The overall aim of this thesis is to study how sellers’ list price strategy and bidding strategies of auction participants affect the outcome of auctions of non-distressed residential homes. The thesis is empirical and comprises four papers that analyze the housing markets in Stockholm and Gothenburg. Papers 1 and 2 analyze sales of condominium apartments in Central Stockholm, while Paper 3 analyzes sales of single-family homes in Stockholm County. Paper 4 analyzes sales of condominium apartments in Gothenburg.Papers 1, 2 and 3 contribute to the empirical auction literature by studying how the number of bidders, the seller’s list price strategy and auction participants bidding strategies affect the unfolding of auctions and the resulting transaction price. Using a hedonic model Paper 1 analyzes how the number of bidders affects the transaction price. Paper 2 extends the database in Paper 1 to cover a longer time period and develops the hedonic model in Paper 1 by adding explanatory variables describing the seller’s list price strategy and auction participants bidding strategies. Paper 3 develops the hedonic model in Paper 2 by incorporating a more thorough analysis of possible omitted variable bias and further employs methods used in the previous empirical literature to mitigate omitted variable bias by including as explanatory variable the residuals from a price regression of previous sales, as well as the residuals from a list price regression. Furthermore, the paper estimates how list price and bidding strategies affect the probability of a winner’s curse.Paper 4 studies auctions of condominiums in Gothenburg, but with a different focus than Papers 1, 2 and 3 since detailed auction data was not available. The paper instead focuses on how sellers’ list price strategy affect sales price and time-on-market, and how information asymmetry between brokers and sellers, combined with brokers’ commission fee structures, affect the choice of list price.
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| 2. |
- Klingborg, Kerstin
(författare)
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Vakanser på bostadsmarknaden : i praktik och teori
- 2001
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Denna licentiatavhandling handlar om lediga hyreslägenheter. I avhandlingens första del beskrivs och analyseras dels hur problemet med lediga lägenheter ser ut på den svenska bostadshyresmarknaden under åren 1990-1994 och dels hur problemet hanteras av svenska kommunala bostadsföretag. Dataunderlaget har insamlats via enkäter och hämtats från offentlig statistik. I avhandlingens andra del görs en litteraturundersökning som leder vidare till en bestämning av begrepp, relevanta att använda vid teoretiska analyser av vakansgrader på en marknad.Resultaten i den första delen visar att de lediga lägenheterna på bostadshyresmarknaden koncentrerats till vissa delmarknader. Lägenheterna karakätiseras av egenskaper som gör dem oattraktiva på marknaden, alternativt för dyra. Företagen hanterar problemet lediga lägenheter på sätt som kan försklaras av marknadsmodellen monopol, nämligen genom prisanpassningari form av prisdiskriminaering och kvantitetsanpassningar i form av rivning. Rivning har använts i oväntat stor omfattning, ca 3% av företagens bestånd har rivits under den undersökta perioden. Sänkt hyra har inget smaband med efterfrågeförändringar, däremot med utbudsförändringar i form av ökad konkurrens. Flera resultat av den statistiska analysen pekar spledes mot att marknadsstrukturen har betydelse för att förutsäga hur de kommunala bostadsföretagen kommer att agera i situationer som kräver pris- eller kvantitetsanpassningar.Företagen har också använt sig av olika slag av kortsiktiga kvantitetsanpassningar, vilket är intressant ur teoretisk synpunkt därför att man inte bruka r tala om kvantitetsanpassningar på kort sikt.Genomgången av vetenskaplig litterautr i anhandlingens andra del, visar att begreppet naturlig vakansgrad är ett etablerat teoretiskt begrepp men att det hittills varken är entydgit definierat eller entydigt använt. För att råda bot på detta göra en bestämning och komplettering av de begrepp som används för att analysera vakanser med metodiken kvalitativ komparativ statik. Begreppen är gilitga både för marknadsmodellen perfekt konkurrens och marknadsmodellen monopolitsisk konkurrens och enheterna kan vara antal lägenheter såväl som antal veckor.
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| 3. |
- von Greiff, Camilo, 1978-
(författare)
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Income Redistribution, Educational Choice and Growth
- 2007
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis contains three theoretical essays on public economics and economics of education. They all focus on different types of redistribution of labor income between individuals and their consequences for income distribution and economic growth.Effects of Redistribution Policies – Who Gains and Who Loses?:In this paper, I analyze whether redistribution of labor income is reinforced or counteracted by general equilibrium effects on wages for unskilled and skilled workers. Earlier studies have found redistribution to be reinforced. In this paper, the stocks of worker types are endogenized. Redistribution will decrease the stock of skilled workers while the number of unskilled workers will increase. This will lead to a decrease in unskilled workers’ wage rate and an increase in skilled workers’ wage rate. Thus, in addition to the wage effect reinforcing the fiscal redistribution showed in earlier studies there is another wage effect counteracting fiscal redistribution. Simulations show that the effect introduced in this paper is likely to outweigh the former effect. Thus, fiscal redistribution is counteracted by the net effect of two counteracting general equilibrium effects.Enrollment in Higher Education, Ability and Growth:One suggestion for why the government should subsidize higher education is that a large share of high-skilled workers increases the number and quality of innovations and skills to adapt the production process to the innovations of other workers. This will increase economic growth, which arguably also benefits low-skilled individuals. This paper introduces a heterogeneous consumption value of education depending on family background. If the education decision is not only based on ability but also on such a consumption value, it will no longer be the case that the individuals enrolled in higher education are those with highest ability. I show that whether low-skilled individuals will benefit from contributing to the financing of subsidies to high-skilled individuals will depend on whether the individuals attracted by the subsidy have a sufficiently high ability to significantly increase the growth rate.Specialization in Higher Education and Economic Growth:This paper presents a new dimension of higher education, namely the degree of specialization in the education. Labor market transformation may make some individuals opt for a non-specialized education in order to broaden their future career possibilities. This may, however, harm economic growth since the theory of division of labor suggests growth to mainly be driven by specialized workers performing specialized tasks. I show that the government could alter the incentives for specialized education types by targeting the subsidies to the individuals with specialized education types. In this way, growth is increased. At the same time, however, the individuals with broad educations have contributed to the financing of the subsidy without being entitled to it. I show the conditions where this government intervention is Pareto improving and characterize the social optimum of the subsidy.
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