Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/164571
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dc.titleSPECULATORS AND CERTAINTY EFFECT: EVIDENCEFROM THE REDEVELOPMENT MARKET
dc.contributor.authorCHIA LIU EE
dc.date.accessioned2020-02-13T18:00:36Z
dc.date.available2020-02-13T18:00:36Z
dc.date.issued2019-08-14
dc.identifier.citationCHIA LIU EE (2019-08-14). SPECULATORS AND CERTAINTY EFFECT: EVIDENCEFROM THE REDEVELOPMENT MARKET. ScholarBank@NUS Repository.
dc.identifier.urihttps://scholarbank.nus.edu.sg/handle/10635/164571
dc.description.abstractData from redevelopment activities in Singapore shows that property speculations are associated with the value of land for future redevelopment. Properties with high redevelopment potential 1) are transacted at a higher price of 4.4% to 15.6% in the resale market; 2) are more expensive when uncertainties associated with redevelopment event are lower, and 3) are priced at a premium of 6.2% to 11.1% after information about redevelopment potential is dispersed. Our study also documents the existence of prospect theory in property speculations, in particular certainty effect that explains speculators’ behavior of selling prematurely before redevelopment sale. While loss aversion behavior has been extensively studied, this paper provides a leap on owners’ behaviors in the domain of positive gains, where property sellers have higher preference of cashing-in sure and smaller gains, over waiting for probable and larger gains.
dc.language.isoen
dc.subjectredevelopment, speculation, housing markets, multi-family homes, prospect theory, certainty effect
dc.typeThesis
dc.contributor.departmentREAL ESTATE
dc.contributor.supervisorSing Tien Foo
dc.description.degreeMaster's
dc.description.degreeconferredMASTER OF SCIENCE (RSH-SDE)
Appears in Collections:Master's Theses (Open)

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