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作者

Danny Ben-Shahar;Roni Golan

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.112,P.70-84

语言

英文

关键字

Price dispersion;Information;Real estate;Market characteristics;D83;G14;R1

作者单位

Coller School of Management, Tel Aviv University, Tel Aviv 6139001, Israel;Coller School of Management, Tel Aviv University, Tel Aviv 6139001, Israel

摘要

This study employs data from a natural experiment to assess the effect of an improved price information shock on subsequent real estate transaction price dispersion. While transaction data in the Israeli real estate market had not previously been available to the public, in 2010 an Israeli court ordered the Israel Tax Authority to post all real estate transaction data on its website. We employ all housing transactions in the period prior and subsequent to this event to assess its effect on housing price dispersion. Results provide evidence of significant decrease in the dispersion of quality-adjusted prices. Further, we find evidence that the information shock effect on price dispersion varies with household and market characteristics.