搜尋成本與定錨行為對於購屋者價格貼水之影響

The Effect of Search Cost and Anchoring Behavior on Price Premium for Homebuyers

本文從搜尋成本與定錨行為的角度，主要驗證以下三個問題，第一、購屋行為中的定錨或參考價格偏誤是否顯著與程度？第二、參考價格的變動率是否會對購屋者產生外推性預期效果？第三、透過仲介服務可否降低搜尋成本或認知偏誤所形成的價格貼水損失？這三個問題的回答有助於釐清幾個理論與政策上的疑問，即行為研究的觀點能否補充資訊經濟學對於價格分散因素的解釋，同時作為資訊代理人的仲介合司是否能改善資訊不對稱的問題，進而回答政府有無必要介入住宅資訊的管制與服務。實證結果發現，基於搜尋成本較高的原因，跨鄉鎮市區的跨區購屋者相對於未跨區者需要多支付3.8%的價格貼水。其次，參考價格愈高的地區，其購屋者會因為定錨效果或參考點偏誤而多支付1%的價格貼水，此外，高價格分配信念的購屋者，平均會支付4.9%的價格貼水。第三，地價上漲率較高地區的購屋者，會誤用自身地區的外推性預期，以為遷入地區也有同等的價格增值空間，而多支付約11.4%的價格貼水。最後，購屋者若尋求仲介服務亦能改善其出價能力，約可降低2.9%的價格貼水，然而，仲介服務在改善搜尋成本與定錨的效果方面則不顯著。

This paper is to test three questions using a unique data base in the viewpoint of search cost and Anchoring behavior: First, is there anchoring effect or reference price bias on home-purchasing behavior? Second, is there any extrapolative expectation effect of reference price change on homebuyers? Third, can homebuyers reduce price premium from their high search cost or perceived bias? Those answers can help us understand if we can get alternative interpretation to housing price dispersion and if government should provide housing information service. Empirically, we find that out-of-town/district buyers pay a statistically significant price premium in the Taipei area. We also find some evidence consistent with the price premium being driven by high search costs, anchoring/framing effect and extrapolative expectation from heuristics. Finally, homebuyers can lower price premium through real estate brokers in the market.