Is there a conspicuous consumption effect in Bucharest housing market?

Costin Ciora

Romanian Journal of Economics, 2016, vol. 42, issue 1(51), 164-174

Abstract: Real estate market could have significant difference between the behavior of buyers and sellers. The recent period had showed increasing irrationality in consumption correlated with housing bubble and financial crisis. The purpose of this paper is to analyze top prices for residential properties in Bucharest and comparison with the median prices. By stating as initial hypothesis the Veblen effect of consumers, our analysis will present the actual price premium of the top 10% of transaction on a significant sample on Bucharest transactions. Through this analysis, we include conspicuous consumption as a factor of potential housing crisis.

Keywords: conspicuous consumption; housing market; real estate market; Veblen effect (search for similar items in EconPapers)
JEL-codes: O18 R21 R31 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ine:journl:v:42:y:2016:i:51:p:164-174

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