This study examines short-, medium-, and long-run price expectations in housing markets. We derive and test six … expectations exhibit mean reversion in the long-run. Moreover, we do not find evidence for biases related to individual housing …

is as great as when training is absent. -- asset market experiment ; price bubbles ; common knowledge of rationality …

Investment and all other economic actions depend on 'subjective' expectations. The problem is how to construct a theory … economics of F.A.Hayek, Koppl gives us such a theory. This includes a theory of 'Big Players', demonstrating that discretionary … economic theory, and connects with many other schools of economics including New Institutional Economics, Constitutional …

outcomes in housing and labor markets. We exploit variation in locally experienced house prices to show that individuals …