There has been considerable debate in recent years regarding the role of behavioral factors in determining housing prices. The question of whether psychology matters in the housing market has been settled long ago: the answer is yes. Rather, economists are now debating in what ways psychology impacts market behavior and how large an effect this impact has on housing prices.
Mayer, Christopher, and Todd Sinai. "U.S. House Price Dynamics and Behavioral Economics." In Policymaking Insights on Behavioral Economics, 261-95. Ed. Christopher L. Foote, Lorenz Goette, and Stephan Meier. Boston, MA: Federal Reserve Bank of Boston, September 2007.
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