The paper develops a theoretical framework to examine the efficiency of real market. First, I compare the efficiency concept of real estate market to that of capital market. Second, I show positive short-term house price correlation in a rational expectation model. Third, I discuss empirical implications of my work.
Download
Attachment | Size |
---|---|
eres2011_14.content.ppt | 1.07 MB |
Gan, Quan. "On Efficiency of Real Estate Market." In 18th Annual European Real Estate Society Conference. ERES: Conference. Eindhoven, the Netherlands, 2011.
Section: F2: Housing Market (III)