The impact of Homeowners' housing wealth misestimation on consumption and saving decisions

Real Estate Economics

Volumn 35, Issue 2, 2007, Pages 135-154

  Agarwal, Sumit ^a  

^a FEDERAL RESERVE BANK OF CHICAGO   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 34249033315     PISSN: 10808620     EISSN: 15406229     Source Type: Journal    
DOI: 10.1111/j.1540-6229.2007.00185.x     Document Type: Article

References (32)

1. Agarwal, S., B.W. Ambrose, S. Chomsisengphet and C. Liu. 2006. An Empirical Analysis of Home Equity Loan and Line Performance. Journal of Financial Intermediation 15 (4 444 469.
2. Agarwal, S., B.W. Ambrose and C. Liu. 2006. Credit Lines and Credit Utilization. Journal of Money, Credit and Banking 38 (1 1 22.
3. Agarwal, S., S. Chomsisengphet and O. Hassler. 2005. The Impact of the 2001 Financial Crisis and the Subsequent Economic Response on the Argentine Mortgage Market. Journal of Housing Economics 14 (3 242 270.
4. Agarwal, S., S. Chomsisengphet, C. Liu and N. Souleles. 2006. Do Consumers Choose the Right Credit Contracts? Working Paper. University of Pennsylvania.
5. Agarwal, S., J. Driscoll and D. Laibson. 2004. Mortgage Refinancing for Distracted Consumers. Working Paper. Harvard University.
6. Agarwal, S., J. Driscoll, X. Gabaix and D. Laibson. 2006. Financial Mistakes over the Lifecycle. Working Paper. Harvard University.
7. Bailey, M.J., R.F. Muth and H.O. Nourse. 1963. A Regression Method for Real Estate Price Index Construction. Journal of the American Statistical Association 58 : 933 942.
8. Bucks, B. and K. Pence. 2005. Comparing Homeowner and Lender Estimates of Housing Wealth and Mortgage Terms. Working Paper. Federal Reserve Board.
9. Canner, G.B., K. Dynan and W. Passmore. 2002. Mortgage Refinancing in 2001 and Early 2002. Federal Reserve Bulletin 88 (12 469 481.
10. Case, K.E., J.M. Quigley and R.J. Shiller. 2005. Comparing Wealth Effects: The Stock Market versus the Housing Market. Advances in Macroeconomics 5 (1 1 32.
11. Case, K.E. and R.J. Shiller. 1987. Prices of Single-Family Homes since 1970: New Indexes for Four Cities. New England Economic Review September/October : 45 56.
12. Case, K.E. and R.J. Shiller. 1989. The Efficiency of the Market for Single-Family Homes. American Economic Review 79 (1 125 137.
13. Case, K.E. and R.J. Shiller. 1990. Forecasting Prices and Excess Returns in the Housing Market. American Real Estate and Urban Economics Association Journal 18 (3 253 273.
14. Case, K.E. and R.J. Shiller. 2003. Is There a Bubble in the Housing Market? Working Paper. Yale University.
15. Deng, Y., J.M. Quigley and R. Van Order. 2000. Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options. Econometrica 68 (2 275 307.
16. DiPasquale, D. and C.T. Somerville. 1995. Do House Price Indices Based on Transacting Units Represent the Entire Stock? Evidence from the American Housing Survey. Journal of Housing Economics 4 : 195 229.
17. Engelhardt, G.V. 1996. House Prices and Home Owner Saving Behavior. Regional Science and Urban Economics 26 : 313 336.
18. Follain, J.R. and S. Malpezzi. 1981. Are Occupants Accurate Appraisers? Review of Public Data Use 9 : 47 55.
19. Gabaix, X., D. Laibson, G. Moloche and S. Weinberg. 2006. Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model. American Economic Review 96 (4 1043 1068.
20. Goodman, J.L. and J.B. Ittner. 1992. The Accuracy of Home Owners' Estimates of House Value. Journal of Housing Economics 2 (4 339 357.
21. Hoynes, H.W. and D.L. McFadden. 1997. The Impact of Demographics on Housing and Non Housing Wealth in the United States. M.D. Hurd and Y. Naohiro, editors. The Economic Effects of Aging in the United States and Japan. University of Chicago Press : Chicago, for NBER. 153 194.
22. Hurst, E. and F. Stafford. 2004. Home is Where the Equity Is: Mortgage Refinancing and Household Consumption. Journal of Money, Credit, and Banking 36 (6 985 1014.
23. Ihlanfeldt, K.R. and J. Martinez-Vazquez. 1986. Alternative Value Estimates of Owner-Occupied Housing: Evidence on Sample Selection Bias and Systematic Errors. Journal of Urban Economics 20 : 356 369.
24. Kain, J.F. and J. Quigley. 1972. Note on Owners Estimate of Housing Value. Journal of the American Statistical Association 67 : 803 806.
25. Kish, L. and J.B. Lansing. 1954. Response Errors in Estimating the Value of Homes. Journal of the American Statistical Association 49 : 520 538.
26. Koszegi, B. 2005. Ego Utility, Overconfidence, and Task Choice. Working Paper. University of California-Berkeley.
27. Loebs, T. 2005. Systemic Risks in Residential Property Valuations: Perceptions and Reality. Working Paper. Collateral Assessment and Technologies Committee.
28. Nothaft, F.E. 2004. The Contribution of Home Value Appreciation to US Economic Growth. Urban Policy and Research 22 (1 23 34.
29. Robins, P.K. and R.W. West. 1977. Measurement Errors in the Estimation of Home Value. Journal of the American Statistical Association 72 : 290 294.
30. Schrag, J. and M. Rabin. 1999. First Impressions Matter: A Model of Confirmatory Bias. Quarterly Journal of Economics 114 (1 37 82.
31. Skinner, J. 1989. Housing Wealth and Aggregate Saving. Regional Science and Urban Economics 19 : 305 324.
32. Yariv, L. 2005. I'll See It When I Believe It - A Simple Model of Cognitive Consistency. Working Paper. University of California-Los Angeles.