SUPERSTITION IN THE HOUSING MARKET

Nicole Fortin, Andrew Hill () and Jeff Huang

Economic Inquiry, 2014, vol. 52, issue 3, 974-993

Abstract: type="main" xml:lang="en">

We provide the first solid evidence that Chinese superstitious beliefs can have significant effects on house prices in a North American market with a large immigrant population. Using real estate data on close to 117,000 house sales, we find that houses with address number ending in “4” are sold at a 2.2% discount and those ending in “8” are sold at a 2.5% premium in comparison to houses with other addresses. These price effects are found either in neighborhoods with a higher than average percentage of Chinese residents, consistent with cultural preferences, or in repeated transactions, consistent with speculative behavior. (JEL D03, R2, Z1)

Date: 2014
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Working Paper: Superstition in the Housing Market (2013)
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