第二篇則在探討不動產投資者是否存在急售獲利，惜售損失的處分效果。透過彙整重覆交易的不動產成交資料，我們發現不分『性別』，處分效果普遍存在於投資者的賣屋決策中。此外，在比較不同的房屋擁有者型態與交易特徵後，發現富有經驗的售屋者較能夠不受處分效果的影響；另一方面，總價較高的不動產出售則存在顯著的處分偏誤。 ;This dissertation contains two essays on the behavioral research in real estate: anchoring bias and disposition effect.
First Essay: Anchoring Bias from the Buy-side in the Real Estate Market
We examine the existence and potential influences of anchoring bias within the real estate market by evaluating evidence and a priori arguments on the effects of investor sentiment on willingness to pay among homebuyers. Based upon a unique dataset which provides the complete histories of transactions in the real estate market, we investigate whether market participants can see through the bias; that is, we examine whether such homebuyers are actually likely to fall into the anchoring trap. Our findings reveal that the anchoring phenomenon prevails regardless of homebuyer′s gender. Whilst a comparison between different kinds of homebuyers and geographical regions also reveals that homebuyers faced with higher systemic uncertainty and out-of-state housing transactions exhibit higher levels of anchoring; the heuristic thinking biased willingness to pay on the part of investors gives rise to the deviations from reasonable and actual housing values.
Second Essay: The Comprehensive Disposition Effect: Evidence from the Real Estate Market
This paper examines whether real estate investors exhibit the “disposition effect” to ride long on losses and realize gains too soon. Based upon a unique dataset which provides complete histories of repeat transactions in the real estate market, we document the existence of disposition effect among homeowners regardless of their gender. Further comparing with different kinds of homeowners and transaction characteristics reveal that while sophisticated homeowners are less susceptible to the disposition effect, those who dealt with smaller property sizes exhibit significantly stronger disposition effect.