Abstract
This paper explores preferences and choices in the real estate market from a personality perspective. First, we employ micro-level data on individual scores on the Big Five personality test and personal financial real estate preferences to evaluate the role of personality in individual real estate market-related preferences. Empirical results provide solid evidence for an association between personality traits and individual preferences on a series of housing tenure, mortgage, and real estate investment attributes. Moreover, based on cross-sectional state-level aggregate personality scores and macro real estate market indicators, we find evidence indicating that the detected micro-level personality-preferences association conveys macro consequences on real estate market equilibrium outcomes. Research findings thus provide a new perspective for understanding individual preferences and equilibrium outcomes in the real estate market.
| Original language | English |
|---|---|
| Pages (from-to) | 111-119 |
| Number of pages | 9 |
| Journal | Journal of Behavioral and Experimental Economics |
| Volume | 53 |
| DOIs | |
| State | Published - 1 Dec 2014 |
Keywords
- Big five
- Housing
- Investments
- Mortgages
- Personality traits
- Preferences
- Real estate