Anticipated vs. unanticipated house price movements and transaction volume

Understanding House-Price Dynamics

*The views expressed here are those of the author and do not necessarily represent the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System. or most homeowners, housing is the single most important component of their nonpension wealth. Therefore, a change in house prices greatly affects the total wealth of many households. Furthermore, movements in house prices can af...

House Price Index Methodologies

Anticipated loser regret in third price auctions

Article history: Received 30 April 2009 Received in revised form 12 January 2010 Accepted 20 January 2010 Available online 1 February 2010 JEL classification: D44 D81

Auction vs. Posted-Price: Market Mechanism, Lender Behaviors, and Transaction Outcomes in Online Crowdfunding

We study the effect of different market mechanisms, specifically auctions and postedprices, on participant behaviors and transaction outcomes in an online personal loan market. We develop a game theoretic model to generate empirically testable predictions, then exploit a regime change on a peer-to-peer lending site, Prosper.com, to test them. We find that under posted-prices, loans are funded w...

Index Revision, House Price Risk, and the Market for House Price Derivatives

It is widely recognized that options and futures markets for housing can reduce and manage the risks inherent in consumers’ large investments in housing equity. The integrity of such markets depends, however, upon the use of transparent and replicable benchmarks for house prices and settlement values. In the USA, a series of state and metropolitan indexes have been produced by a government agen...