Do Conspicuous Consumers Pay Higher Housing Premiums? Spatial and Temporal Variation in the United States

摘要: This study is the first to examine relationship between conspicuous demand and housing price dynamics. We hypothesize that consumers would want high‐end homes signal their wealth this consumption behavior induce greater deviations from fundamental house prices. test by using a unique dataset matches consumers’ appetite for nonhousing luxury goods Google Insights Search premiums they pay houses in U.S. Metropolitan Statistical Areas (MSAs) during 2004–2011. The estimation results demonstrate controlling wide range of MSA demographic economic characteristics, has significant, positive with premiums. varies spatially temporally. Conspicuous stronger increase MSAs steady, higher premium than volatile, lower boom period. In premium, remains significant even bust period, potentially contributing maintaining