Trust premium in the second-hand housing market: evidence from the negotiation rate
نویسندگان
چکیده
Abstract Trust is an important social capital and informal institution that influences transaction behaviors, especially in the second-hand housing market of China. This study analyzes transactions 17 cities matches birthplaces these traders with CESS2000 to measure degree trust each transaction. Then we use combined dataset examine impact on bargaining power during negotiation process. The empirical results indicate there a significant positive correlation between rate, buyers are more likely capture premium. Moreover, “youth capital” emphasizes role price transactions. Local advantage has substitution effect trust, which means it alternative explanation affecting Furthermore, varies by gender male being affected than female traders. All all, this provides practical implications premium transactions, policy establishing credit system. Governments can reduce friction costs appropriate formal institution, such as personal database. As research micro-behaviors scarce, aims fill gap.
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ژورنال
عنوان ژورنال: Humanities & social sciences communications
سال: 2023
ISSN: ['2662-9992']
DOI: https://doi.org/10.1057/s41599-023-01927-0