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作者

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.70,P.288-302

语言

英文

关键字

C52;C53;R31;Tobin’s Q;Housing market efficiency;Real estate valuation

作者单位

University of Aberdeen Business School, Edward Wright Building, Dunbar Street, Aberdeen, AB24 3QY, United Kingdom"}]},{"#name":"affiliation","$":{"id":"aff2;Technische Universität Berlin, Institut für Volkswirtschaftslehre und Wirtschaftsrecht, Straße des 17. Juni 135, 10623 Berlin and SFB 649, Humboldt-Universität zu Berlin, Germany"}]},{"#name":"correspondence","$":{"id":"cor1;University of Aberdeen Business School, Edward Wright Building, Dunbar Street, Aberdeen, AB24 3QY, United Kingdom"}]},"aff2":{"#name":"affiliation","$":{"id":"aff2;Technische Universität Berlin, Institut für Volkswirtschaftslehre und Wirtschaftsrecht, Straße des 17. Juni 135, 10623 Berlin and SFB 649, Humboldt-Universität zu Berlin, Germany"}]}},"correspondences":{"cor1":{"#name":"correspondence","$":{"id":"cor1

摘要

It is a feature of competitive markets with forward-looking participants that a good’s benefit and its production cost are equalized in equilibrium and that no resources are wasted during the adjustment process. For housing markets, there is mixed evidence whether they meet this standard of allocative efficiency. Based on a unique data set with rich information on prices and cost, we examine the market for single-family houses in Germany’s capital Berlin. At the aggregate market level, we find that prices and cost tend to equalize in the long run. Short-run adjustment appears to be sufficiently fast and properly anticipated to prevent systematic excess profit opportunities. At the cross sectional level of individual houses, we find support that resources are allocated efficiently between different market segments. Taken together, our results provide sufficient evidence that the market in Berlin is efficient.