题目：Why Rising House Price Does Not Make Homeowners Happier? The Role of Foregone Gains on Subjective Well-being
主讲人：秦雨 (Assistant Professor, National University of Singapore)
According to the prevalent economics theory, as housing prices go up, home owners tend to feel wealthier, thereby improve their subjective well-being. However, based on Chinese data, we find the opposite: rising housing prices make home owners less satisfied about their life. We hypothesize that homeowners treat foregone gains in the housing market, such as failure to purchase a house in the first place or doing so at the wrong timing, as losses. Because losses are more salient than gains and very few people bought their homes at the perfect timing, home owners’ happiness drop as housing prices move up. To test this hypothesis, we randomize foregone gains in a lottery experiment setting, confirming our conjecture that foregone gains (not choosing the most profitable lottery) lead to more regret and less happiness, and are associated with behavioral changes.
秦雨，新加坡国立大学房地产系助理教授， 主要研究领域为城市经济学与发展经济学，主要研究课题包括基础设施投资的经济影响、中国的土地市场与房地产市场价格、空气污染对居民行为的影响、技术引进对自主创新的影响等。研究成果发表在Journal of Population Economics, Journal of Economic Geography, World Development, Asian Economic Policy Review, Regional Science and Urban Economics, Real Estate Economics, IZA Journal of Labor & Development等国际学术刊物。秦雨博士关于中国高铁对县域经济的影响的论文曾获得2012年留美经济学会年会邹至庄最佳论文奖，其研究结果曾被世界银行博客、以及财新周刊等媒体报道。在加入新加坡国立大学前，秦雨博士曾经担任世界银行北京办公室的短期顾问（2013年)。