IDEAS home Printed from https://ideas.repec.org/h/nbp/nbpchp/2-11.html
   My bibliography  Save this book chapter

Reasoning Behind Choices: Rationality and Social Norms in Housing Market Behaviour

In: Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition

Author

Listed:
  • Martin Lux
  • Petr Gibas
  • Irena Boumová
  • Martin Hájek

Abstract

The main objective of this paper is to draw attention to the influence of social norms on housing market behaviour. The research is based on in-depth qualitative study of first-time buyers in the Czech Republic. We found systemic deviations from economically rational behaviour (as defined by mainstream housing economic theory) that stem from influence of dominant housing social norm about ‘right’ housing tenure. We show how influence of social norm constrains financial, pragmatic, utility- or investment-based considerations of Czech home-buyers. Sociology can thus significantly contribute to recent econometric research about sources of housing market instability.

Suggested Citation

  • Martin Lux & Petr Gibas & Irena Boumová & Martin Hájek, 2016. "Reasoning Behind Choices: Rationality and Social Norms in Housing Market Behaviour," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition, chapter 11, pages v2, 69-98, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpchp:2-11
    as

    Download full text from publisher

    File URL: https://static.nbp.pl/publikacje/materialy-i-studia/243_en2.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    housing market – social norms – housing systems – house prices;

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbp:nbpchp:2-11. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jakub Growiec (email available below). General contact details of provider: https://edirc.repec.org/data/nbpgvpl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.