Full Citation

Title: Social Influence in the Housing Market

Citation Type: Journal Article

Publication Year: 2015

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Abstract: We utilize the decennial U.S. Census to study social effects in housing consumption across 4 million households from 126 ethnic groups and 2,071 geographic locations in the U.S. We find that the homeownership decisions within ethnic groups are locally correlated, after controlling for the homeownership rates within the group and the region. Social influence is stronger for younger, less educated, and lower-income individuals; immigrants; and Americans with ancestors from more unequal, uncertainty-avoiding, and collectivistic cultures. Our results suggest that both status and information considerations play an important role in the social comparison process in capital markets.

Url: http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=10034579&fileId=S0022109015000319

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Authors: Pirinsky, Christo A.; Pan, Carrie H.

Periodical (Full): Journal of Financial and Quantitative Analysis

Issue: 4

Volume: 50

Pages: 757-779

Data Collections: IPUMS USA

Topics: Housing and Segregation

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