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Emotions, Uncertainty, Gender and Residential Real Estate Prices: Evidence from a Bubble Market

Author

Listed:
  • Paul Ryan
  • Clare Branigan

Abstract

This paper investigates the impact of valuation uncertainty on residential property prices near the peak of a bubble. Our hand-collected sample comprises the sequence of bids and gender of the participating bidders at Irish residential real estate auctions, prior to the collapse of a bubble, which when it burst had disastrous implications for the banking system and the economy itself. Portfolios of practitioner- and hedonic pricing model-selected self-similar properties provide benchmark property price estimates and uncertainty is calculated by reference to various measures of dispersion related to prices achieved for comparable properties. We find, in aggregate, auction winners do not shade bids with increased valuation uncertainty. In addition, winning female bidders, in contrast to findings in the extant literature across a wide range of academic disciplines, including experimental bubble markets, are not less risk averse, or more likely to shy away from competitive situations than their male counterparts.

Suggested Citation

  • Paul Ryan & Clare Branigan, 2019. "Emotions, Uncertainty, Gender and Residential Real Estate Prices: Evidence from a Bubble Market," ERES eres2019_167, European Real Estate Society (ERES).
  • Handle: RePEc:arz:wpaper:eres2019_167
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2019-167
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    Keywords

    Auctions; Bubble; Competition; emotional finance; Emotions; female bidders; real estate bubble; Uncertainty; valuation uncertainty;

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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