Reasoning behind choices: rationality and social norms in the housing market behaviour of first-time buyers in the Czech Republic

Martin Lux, Petr Gibas, Irena Boumová, Martin Hájek and Petr Sunega

Housing Studies, 2017, vol. 32, issue 4, 517-539

Abstract: The main objective of this paper is to draw attention to the influence of social norms on housing market behaviour. The research is based on an in-depth qualitative study of first-time buyers in the Czech Republic. We found systemic deviations from economically rational behaviour (as defined by mainstream housing economic theory) that stem from the influence of a dominant housing social norm about what constitutes the ‘right’ housing tenure. We show how the influence of a social norm constrains financial, pragmatic, utility- or investment-based considerations of Czech home-buyers. Sociology can thus significantly contribute to recent econometric research about sources of housing market instability.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:taf:chosxx:v:32:y:2017:i:4:p:517-539

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DOI: 10.1080/02673037.2016.1219331

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