Links to Exploration step
Le document en format XML
<record><TEI><teiHeader><fileDesc><titleStmt><title xml:lang="en">Has SARS infected the property market? Evidence from Hong Kong<sup><xref ref-type="fn" rid="d32e271">☆</xref>
</sup>
</title>
<author><name sortKey="Wong, Grace" sort="Wong, Grace" uniqKey="Wong G" first="Grace" last="Wong">Grace Wong</name>
</author>
</titleStmt>
<publicationStmt><idno type="wicri:source">PMC</idno>
<idno type="pmc">7133336</idno>
<idno type="url">http://www.ncbi.nlm.nih.gov/pmc/articles/PMC7133336</idno>
<idno type="RBID">PMC:7133336</idno>
<idno type="doi">10.1016/j.jue.2006.12.007</idno>
<idno type="pmid">NONE</idno>
<date when="2007">2007</date>
<idno type="wicri:Area/Pmc/Corpus">001222</idno>
<idno type="wicri:explorRef" wicri:stream="Pmc" wicri:step="Corpus" wicri:corpus="PMC">001222</idno>
</publicationStmt>
<sourceDesc><biblStruct><analytic><title xml:lang="en" level="a" type="main">Has SARS infected the property market? Evidence from Hong Kong<sup><xref ref-type="fn" rid="d32e271">☆</xref>
</sup>
</title>
<author><name sortKey="Wong, Grace" sort="Wong, Grace" uniqKey="Wong G" first="Grace" last="Wong">Grace Wong</name>
</author>
</analytic>
<series><title level="j">Journal of Urban Economics</title>
<idno type="ISSN">0094-1190</idno>
<idno type="eISSN">0094-1190</idno>
<imprint><date when="2007">2007</date>
</imprint>
</series>
</biblStruct>
</sourceDesc>
</fileDesc>
<profileDesc><textClass></textClass>
</profileDesc>
</teiHeader>
<front><div type="abstract" xml:lang="en"><p>This paper uses the 2003 Hong Kong Severe Acute Respiratory Syndrome (SARS) epidemic as a natural experiment to investigate how housing markets react to extreme events. A panel data set of large-scale housing complexes (estates) is used to exploit the cross-sectional variation in the spread of SARS to estimate the effect of the disease on real estate prices and sales. SARS risk is measured by: (1) the estate-level SARS infection rate, (2) news reports, and (3) government announcements of infections. The average price declines by 1–3 percent if an estate is directly affected by SARS, and by 1.6 percent for all estates as a result of the outbreak of the disease. A back-of-the-envelope calculation of the expected price fall under the rational asset-pricing model implies that the economic value of life consistent with the SARS-related price movement was less than $1 million. This low figure contrasts with the predictions of overreaction from psychological and behavioral economics theories. An analysis of transaction volume suggests that the absence of price overreaction is likely to be related to housing market characteristics, including transaction costs, credit constraints and loss aversion.</p>
</div>
</front>
<back><div1 type="bibliography"><listBibl><biblStruct></biblStruct>
<biblStruct><analytic><author><name sortKey="Case, K E" uniqKey="Case K">K.E. Case</name>
</author>
<author><name sortKey="Shiller, R J" uniqKey="Shiller R">R.J. Shiller</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Cho, M" uniqKey="Cho M">M. Cho</name>
</author>
</analytic>
</biblStruct>
<biblStruct></biblStruct>
<biblStruct></biblStruct>
<biblStruct><analytic><author><name sortKey="Holtgrave, D" uniqKey="Holtgrave D">D. Holtgrave</name>
</author>
<author><name sortKey="Weber, E U" uniqKey="Weber E">E.U. Weber</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Kahneman, D" uniqKey="Kahneman D">D. Kahneman</name>
</author>
<author><name sortKey="Tversky, A" uniqKey="Tversky A">A. Tversky</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Kahneman, D" uniqKey="Kahneman D">D. Kahneman</name>
</author>
<author><name sortKey="Tversky, A" uniqKey="Tversky A">A. Tversky</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Krainer, J" uniqKey="Krainer J">J. Krainer</name>
</author>
</analytic>
</biblStruct>
<biblStruct></biblStruct>
<biblStruct><analytic><author><name sortKey="Morris, S" uniqKey="Morris S">S. Morris</name>
</author>
<author><name sortKey="Shin, H S" uniqKey="Shin H">H.S. Shin</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Poterba, J M" uniqKey="Poterba J">J.M. Poterba</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Roback, J" uniqKey="Roback J">J. Roback</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Skantz, T R" uniqKey="Skantz T">T.R. Skantz</name>
</author>
<author><name sortKey="Strickland, T H" uniqKey="Strickland T">T.H. Strickland</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Slovic, P" uniqKey="Slovic P">P. Slovic</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Stein, J C" uniqKey="Stein J">J.C. Stein</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Viscusi, K" uniqKey="Viscusi K">K. Viscusi</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Viscusi, K" uniqKey="Viscusi K">K. Viscusi</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Viscusi, K" uniqKey="Viscusi K">K. Viscusi</name>
</author>
</analytic>
</biblStruct>
<biblStruct><analytic><author><name sortKey="Wheaton, W C" uniqKey="Wheaton W">W.C. Wheaton</name>
</author>
</analytic>
</biblStruct>
<biblStruct></biblStruct>
</listBibl>
</div1>
</back>
</TEI>
<pmc article-type="research-article"><pmc-dir>properties open_access</pmc-dir>
<front><journal-meta><journal-id journal-id-type="nlm-ta">J Urban Econ</journal-id>
<journal-id journal-id-type="iso-abbrev">J Urban Econ</journal-id>
<journal-title-group><journal-title>Journal of Urban Economics</journal-title>
</journal-title-group>
<issn pub-type="ppub">0094-1190</issn>
<issn pub-type="epub">0094-1190</issn>
<publisher><publisher-name>Elsevier Inc.</publisher-name>
</publisher>
</journal-meta>
<article-meta><article-id pub-id-type="pmc">7133336</article-id>
<article-id pub-id-type="publisher-id">S0094-1190(07)00009-5</article-id>
<article-id pub-id-type="doi">10.1016/j.jue.2006.12.007</article-id>
<article-categories><subj-group subj-group-type="heading"><subject>Article</subject>
</subj-group>
</article-categories>
<title-group><article-title>Has SARS infected the property market? Evidence from Hong Kong<sup><xref ref-type="fn" rid="d32e271">☆</xref>
</sup>
</article-title>
</title-group>
<contrib-group><contrib contrib-type="author"><name><surname>Wong</surname>
<given-names>Grace</given-names>
</name>
<email>wongg@wharton.upenn.edu</email>
<xref rid="cor001" ref-type="corresp">⁎</xref>
</contrib>
</contrib-group>
<aff>Wharton School of Business, University of Pennsylvania, 1463 Steinberg-Dietrich Hall, The Wharton School, 3620 Locust Walk, Philadelphia, PA 19104-6302, USA</aff>
<author-notes><corresp id="cor001"><label>⁎</label>
Fax: +1 (215) 573 2220. <email>wongg@wharton.upenn.edu</email>
</corresp>
</author-notes>
<pub-date pub-type="pmc-release"><day>1</day>
<month>2</month>
<year>2007</year>
</pub-date>
<pmc-comment> PMC Release delay is 0 months and 0 days and was based on .</pmc-comment>
<pub-date pub-type="ppub"><month>1</month>
<year>2008</year>
</pub-date>
<pub-date pub-type="epub"><day>1</day>
<month>2</month>
<year>2007</year>
</pub-date>
<volume>63</volume>
<issue>1</issue>
<fpage>74</fpage>
<lpage>95</lpage>
<history><date date-type="received"><day>3</day>
<month>4</month>
<year>2006</year>
</date>
<date date-type="rev-recd"><day>15</day>
<month>12</month>
<year>2006</year>
</date>
</history>
<permissions><copyright-statement>Copyright © 2007 Elsevier Inc. All rights reserved.</copyright-statement>
<copyright-year>2007</copyright-year>
<copyright-holder>Elsevier Inc.</copyright-holder>
<license><license-p>Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.</license-p>
</license>
</permissions>
<abstract><p>This paper uses the 2003 Hong Kong Severe Acute Respiratory Syndrome (SARS) epidemic as a natural experiment to investigate how housing markets react to extreme events. A panel data set of large-scale housing complexes (estates) is used to exploit the cross-sectional variation in the spread of SARS to estimate the effect of the disease on real estate prices and sales. SARS risk is measured by: (1) the estate-level SARS infection rate, (2) news reports, and (3) government announcements of infections. The average price declines by 1–3 percent if an estate is directly affected by SARS, and by 1.6 percent for all estates as a result of the outbreak of the disease. A back-of-the-envelope calculation of the expected price fall under the rational asset-pricing model implies that the economic value of life consistent with the SARS-related price movement was less than $1 million. This low figure contrasts with the predictions of overreaction from psychological and behavioral economics theories. An analysis of transaction volume suggests that the absence of price overreaction is likely to be related to housing market characteristics, including transaction costs, credit constraints and loss aversion.</p>
</abstract>
<kwd-group><title>Keywords</title>
<kwd>SARS</kwd>
<kwd>Housing prices</kwd>
<kwd>Overreaction</kwd>
<kwd>Shocks</kwd>
<kwd>Epidemics</kwd>
</kwd-group>
</article-meta>
</front>
<back><ref-list><title>References</title>
<ref id="bib001"><label>1</label>
<mixed-citation publication-type="other">W. Burns, P. Slovic, R.E. Kasperson, J. Kasperson, O. Renn, S. Emani, Social amplification of risk: An empirical study, Nevada Agency for Nuclear Projects Nuclear Waste Project Office, Carson City, NV</mixed-citation>
</ref>
<ref id="bib002"><label>2</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Case</surname>
<given-names>K.E.</given-names>
</name>
<name><surname>Shiller</surname>
<given-names>R.J.</given-names>
</name>
</person-group>
<article-title>The efficiency of the market for single-family houses</article-title>
<source>American Economic Journal</source>
<volume>79</volume>
<year>1989</year>
<fpage>125</fpage>
<lpage>137</lpage>
</element-citation>
</ref>
<ref id="bib003"><label>3</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Cho</surname>
<given-names>M.</given-names>
</name>
</person-group>
<article-title>House price dynamics: A survey of theoretical and empirical issues</article-title>
<source>Journal of Housing Research</source>
<volume>7</volume>
<year>1996</year>
<fpage>145</fpage>
<lpage>172</lpage>
</element-citation>
</ref>
<ref id="bib004"><label>4</label>
<mixed-citation publication-type="other">D. Genesove, C.J. Mayer, Loss aversion and seller behaviour: Evidence from the housing market, Working paper 8143, National Bureau of Economic Research, 2001</mixed-citation>
</ref>
<ref id="bib005"><label>5</label>
<mixed-citation publication-type="other">E. Glaeser, Psychology and the market, Working paper 10203, National Bureau of Economic Research, 2003</mixed-citation>
</ref>
<ref id="bib006"><label>6</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Holtgrave</surname>
<given-names>D.</given-names>
</name>
<name><surname>Weber</surname>
<given-names>E.U.</given-names>
</name>
</person-group>
<article-title>Dimensions of risk perception for financial and health risks</article-title>
<source>Risk Analysis</source>
<volume>13</volume>
<year>1993</year>
<fpage>553</fpage>
<lpage>558</lpage>
<pub-id pub-id-type="pmid">8259445</pub-id>
</element-citation>
</ref>
<ref id="bib007"><label>7</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Kahneman</surname>
<given-names>D.</given-names>
</name>
<name><surname>Tversky</surname>
<given-names>A.</given-names>
</name>
</person-group>
<article-title>Prospect theory: An analysis of decision under risk</article-title>
<source>Econometrica</source>
<volume>47</volume>
<year>1979</year>
<fpage>263</fpage>
<lpage>291</lpage>
</element-citation>
</ref>
<ref id="bib008"><label>8</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Kahneman</surname>
<given-names>D.</given-names>
</name>
<name><surname>Tversky</surname>
<given-names>A.</given-names>
</name>
</person-group>
<article-title>Advances in prospect theory: Cumulative representation of uncertainty</article-title>
<source>Journal of Risk and Uncertainty</source>
<volume>5</volume>
<year>1992</year>
<fpage>297</fpage>
<lpage>323</lpage>
</element-citation>
</ref>
<ref id="bib009"><label>9</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Krainer</surname>
<given-names>J.</given-names>
</name>
</person-group>
<article-title>Real estate liquidity</article-title>
<source>Federal Reserve Bank of San Francisco Economic Review</source>
<year>1999</year>
</element-citation>
</ref>
<ref id="bib010"><label>10</label>
<mixed-citation publication-type="other">J.T. Liu, J.K. Hammitt, J.D. Wang, M.W. Tsou, Valuation of the risk of SARS in Taiwan, Working paper 10011, National Bureau of Economic Research, 2003</mixed-citation>
</ref>
<ref id="bib011"><label>11</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Morris</surname>
<given-names>S.</given-names>
</name>
<name><surname>Shin</surname>
<given-names>H.S.</given-names>
</name>
</person-group>
<article-title>Social value of public information</article-title>
<source>American Economic Review</source>
<volume>92</volume>
<year>2002</year>
<fpage>1521</fpage>
<lpage>1534</lpage>
</element-citation>
</ref>
<ref id="bib012"><label>12</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Poterba</surname>
<given-names>J.M.</given-names>
</name>
</person-group>
<article-title>Tax subsidies to owner-occupied housing: An asset-market approach</article-title>
<source>Quarterly Journal of Economics</source>
<volume>99</volume>
<year>1984</year>
<fpage>729</fpage>
<lpage>752</lpage>
</element-citation>
</ref>
<ref id="bib013"><label>13</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Roback</surname>
<given-names>J.</given-names>
</name>
</person-group>
<article-title>Wages, rents and the quality of life</article-title>
<source>Journal of Political Economy</source>
<volume>90</volume>
<year>1982</year>
<fpage>1257</fpage>
<lpage>1278</lpage>
</element-citation>
</ref>
<ref id="bib014"><label>14</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Skantz</surname>
<given-names>T.R.</given-names>
</name>
<name><surname>Strickland</surname>
<given-names>T.H.</given-names>
</name>
</person-group>
<article-title>House prices and a flood event: An empirical investigation of market efficiency</article-title>
<source>Journal of Real Estate Research</source>
<volume>2</volume>
<year>1987</year>
<fpage>75</fpage>
<lpage>83</lpage>
</element-citation>
</ref>
<ref id="bib015"><label>15</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Slovic</surname>
<given-names>P.</given-names>
</name>
</person-group>
<article-title>Perception of risk</article-title>
<source>Science</source>
<volume>236</volume>
<year>1987</year>
<fpage>280</fpage>
<lpage>285</lpage>
<pub-id pub-id-type="pmid">3563507</pub-id>
</element-citation>
</ref>
<ref id="bib016"><label>16</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Stein</surname>
<given-names>J.C.</given-names>
</name>
</person-group>
<article-title>Prices and trading volume in the housing market: A model with down-payment effects</article-title>
<source>Quarterly Journal of Economics</source>
<volume>110</volume>
<year>1995</year>
<fpage>379</fpage>
<lpage>406</lpage>
</element-citation>
</ref>
<ref id="bib017"><label>17</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Viscusi</surname>
<given-names>K.</given-names>
</name>
</person-group>
<article-title>Prospective reference theory: Toward an explanation of the paradoxes</article-title>
<source>Journal of Risk and Uncertainty</source>
<volume>2</volume>
<year>1989</year>
<fpage>235</fpage>
<lpage>263</lpage>
</element-citation>
</ref>
<ref id="bib018"><label>18</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Viscusi</surname>
<given-names>K.</given-names>
</name>
</person-group>
<article-title>Sources of inconsistency in societal responses</article-title>
<source>American Economic Review (Papers and Proceedings)</source>
<volume>80</volume>
<year>1990</year>
<fpage>257</fpage>
<lpage>261</lpage>
</element-citation>
</ref>
<ref id="bib019"><label>19</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Viscusi</surname>
<given-names>K.</given-names>
</name>
</person-group>
<article-title>The value of risks to life and health</article-title>
<source>Journal of Economic Literature</source>
<volume>31</volume>
<year>1993</year>
<fpage>1912</fpage>
<lpage>1946</lpage>
</element-citation>
</ref>
<ref id="bib020"><label>20</label>
<element-citation publication-type="journal"><person-group person-group-type="author"><name><surname>Wheaton</surname>
<given-names>W.C.</given-names>
</name>
</person-group>
<article-title>Vacancy, search, and prices in a housing market matching model</article-title>
<source>Journal of Political Economy</source>
<volume>98</volume>
<year>1990</year>
<fpage>1270</fpage>
<lpage>1292</lpage>
</element-citation>
</ref>
<ref id="bib021"><label>21</label>
<mixed-citation publication-type="other">G. Wong, Is SARS a poor man's disease? Housing values, living conditions and health status, Mimeo, The Wharton School, 2004</mixed-citation>
</ref>
</ref-list>
<fn-group><fn id="d32e271"><label>☆</label>
<p>This is an update of the first chapter of my PhD thesis at Princeton University.</p>
</fn>
</fn-group>
</back>
</pmc>
</record>
Pour manipuler ce document sous Unix (Dilib)
EXPLOR_STEP=$WICRI_ROOT/Sante/explor/SrasV1/Data/Pmc/Corpus
HfdSelect -h $EXPLOR_STEP/biblio.hfd -nk 001222 | SxmlIndent | more
Ou
HfdSelect -h $EXPLOR_AREA/Data/Pmc/Corpus/biblio.hfd -nk 001222 | SxmlIndent | more
Pour mettre un lien sur cette page dans le réseau Wicri
{{Explor lien |wiki= Sante |area= SrasV1 |flux= Pmc |étape= Corpus |type= RBID |clé= |texte= }}
![]() | This area was generated with Dilib version V0.6.33. | ![]() |