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Housing Price Volatility and Econometrics
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SYSNO ASEP 0436954 Document Type J - Journal Article R&D Document Type The record was not marked in the RIV Subsidiary J Ostatní články Title Housing Price Volatility and Econometrics Author(s) Sunega, Petr (SOU-Z) RID, ORCID, SAI
Lux, Martin (SOU-Z) RID, ORCID, SAI
Zemčík, Petr (NHU-N) RIDSource Title Critical Housing Analysis. - : Sociologický ústav AV ČR, v. v. i. - ISSN 2336-2839
Roč. 1, č. 2 (2014), s. 70-78Number of pages 9 s. Publication form Online - E Language eng - English Country CZ - Czech Republic Keywords econometrics ; housing prices ; price bubbles Subject RIV AO - Sociology, Demography R&D Projects GAP404/12/1446 GA ČR - Czech Science Foundation (CSF) Institutional support SOU-Z - RVO:68378025 ; NHU-N - RVO:67985998 DOI 10.13060/23362839.2013.1.2.117 Annotation Econometric models have produced contradictory results and have failed to provide warning of housing market crashes. The article should illustrate the inability of econometrics to reliably predict the last house price bubble and detect the disequilibrium in the housing markets. The authors will demonstrate on particular situation that two distinct but well specified econometric models can lead to different outcomes. The authors argue that the demand for housing is influenced by social constructs, social norms, ideologies, unrealistic expectations, symbolic patterns, and the actual choice of housing is the outcome of complex social interactions with reference groups. Consequently, it is necessary to analyse the potential instability of social constructs, norms, expectations and the changing character of social interactions to better understand purchasing behaviour and, then, house price volatility. Workplace Institute of Sociology Contact Eva Nechvátalová, eva.nechvatalova@soc.cas.cz, Tel.: 222 220 924 / linka 351 Year of Publishing 2015
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