처분효과가 주택가격 및 거래량에 미치는 효과 - 경제실험에 의한 시장 참여자의 거래행동 분석 -

The Effects of Disposition Effect on the Price and Volume of Housing - An Analysis on the Behaviors of Market-Participants by Economic Experiments -

This study attempts to understand disposition effects and loss aversion propensities in the real estate market, that is whether the latter could be pointed out as the main cause of the former and whether the former as the major one of the harmonization of price and volume by analyzing the behaviors of certified real estate agents based upon the methodology of experimental economics. The following results are found. First, the loss aversion propensity is confirmed in the behaviors of selection. Second, the disposition effect is also confirmed. According to the formula of Odean (1998), the value of disposition effect is 1.49, which is consistent with an average value of 1.5 reported by Odean (1998) and Weber & Camerer (1995) for the stock market. This means that the likelihood of selling of winners is about 50% higher than that of losers. Third, the above results do not reinforce the reasoning of thinking loss aversion propensity as the main cause of disposition effect. Finally, they also do not confirm that the disposition effect could be considered as the major cause of the harmonization of price and volume of housing. So, this work suggests that the disposition effect could result from the expectation of increasing prices rather than loss aversion propensity. By implication, the former is a cause that may affect the negative (-) relationship between price and volume rather than a main cause of harmonization of price and volume of housing.