Superstition, conspicuous spending, and housing market: Evidence from Singapore

• Main Authors: HE, Jia, LIU, Haoming, SING, Tien Foo, SONG, Changcheng, WONG, Wei-Kang
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2020
• Subjects: Behavioral economics; Conspicuous spending; Prices; Real estate; Superstition; Asian Studies; Finance and Financial Management; Real Estate
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/6493; https://ink.library.smu.edu.sg/context/lkcsb_research/article/7492/viewcontent/final_submission_5Sep2018.pdf
• Institution: Singapore Management University

We study the effect of superstition and conspicuous spending motives on housing demand and price in Singapore. We find that buyers pay less for homes with unlucky addresses and more for homes with lucky addresses. There were fewer housing transactions on inauspicious days of the lunar calendar when...