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This article addresses the issue of the utility of money and the utility of housing with a value equivalent to that amount of money. The literature provides many reports on the shape of the utility function for money, but much less research has been devoted to the utility function for housing. The aim of this study was to estimate the utility function of money and housing according to the cumulative prospect theory (CPT) developed by Tversky and Kahneman (1992). Parameters alpha (α), beta (β), and lambda (λ) were estimated to compare the utility value of money and housing. The most important conclusions of the study are as follows: parameters alpha and beta were greater than 0 and less than 1 for both housing and money. Function v(x) was concave in the gain domain and convex in the loss domain, which is consistent with the CPT. The differences in the lambda parameter denoting loss aversion were not significant, and the value of the utility function was somewhat higher for money than for housing. This study was undertaken to estimate the CPT parameters for housing, which, according to the authors’ best knowledge, has not been investigated to date.

This article contributes to research into price dynamics on the real estate market. It proposes a simplified index-based speculative frame method for measuring above-average increases and decreases in real estate prices and monitoring market performance. The theoretical part of the article reviews the literature on the implications of real estate market stability on the economy, monitoring market development, and standard methods for analyzing the housing market with special emphasis on index-based methods. The experimental part of the article presents the results of a study analyzing more than 100,000 transactions on the Warsaw housing market between 2004 and 2015, a period characterized by a considerable increase in house prices. The price dynamics of apartments on the Warsaw real estate market was determined with the use of a time variable. The turning point in the market trend was identified. This article contributes to research into price dynamics on the real estate market.

In both the global and the domestic approach, the real estate market is a multifaceted domain of study, constituting a specific and imperfect system. Researchers have to rely on increasingly advanced analytical tools to capture the structural complexity of real estate markets. Real estate prices are influenced by contradictory behaviors of market participants. This observation prompted the authors to analyze the income and price elasticity of demand for housing by calculating elasticity coefficients in view of changes in housing prices and the Veblen effect. This problem was analyzed based on a review of the literature and the results of an experiment. The results of the current study can be used to confirm the presence of the Veblen effect on the housing market based on the adopted criteria. The coefficients of price and income elasticity of demand for housing were calculated in view of the price dynamics on the real estate market to paint a more complete picture of reality and explain market processes.

This article analyzes the spread of market phenomena, market tensions and trends between real estate markets on the global scale. At the theoretical level, the main aim of the study was to determine the nature of the relationships between housing markets throughout the world. The main research goal was to identify and describe the strength of the correlations between the real estate markets of the world’s 10 largest economies (countries with the highest GDP). The analyses were conducted with the use of Pearson’s correlation tests, Granger causality tests and graphs. Our results revealed strong correlations between most of the markets; however, we did not find strong evidence for causality. In a globalizing world, national economies will become increasingly interconnected, which will indirectly influence the housing market.

The aim of this study was to explore risk attitudes towards gambles involving housing and money in gain and loss domains for different payoff values. The analysis relied on the main tenets of the prospect theory, and risk behaviours were inferred from certainty equivalents. The study included a lab-in-the-field experiment conducted on a sample of 250 residents of Warsaw (Poland). The respondents were risk-averse in the gain domain and risk-seeking in the loss domain. The estimates for money and housing differed significantly due to the higher utility of the latter. [ABSTRACT FROM AUTHOR]

Technical analysis (TA) and its different aspects are widely used to study the capital market. In the traditional approach, this analysis is used to determine the probability of changes in current rates on the basis of their past changes, accounting for factors which had, have or may have an influence on shaping the supply and demand of a given asset. In the practical sense, TA is a set of techniques used for assessing the value of an asset based on the analysis of the asset's trajectories as well as statistical tools.

Various speculative phenomena arise on the real estate market, and the speculative bubble (SB) is one of the best known events of the type. Speculative bubbles still have many unidentified components, and are characterized by high research potential due to the multiple factors responsible for bubble creation, as well as considerable practical implications on account of the multivariate results describing the real estate market (REM) and its surroundings.

The article pertains to the issue of subject translocality on the real estate market and indicates the scope of its practical application connected with determining the level of the economic development of voivodeships. The issue of real estate market subject translocality was analyzed on the basis of a review of literature connected with the locality of the real estate market in its subject plane, as well as by setting apart a category referring to the subject plane of the real estate market. The work is of an empirical nature. In this part, coefficients of real estate market subject translocality were used in order to assess the level of development of individual voivodeships. Cluster analysis was also used in order to establish the groups of voivodeships similar in terms of the level of real estate market subject translocality.

Various market behaviors can be characterized as risky or uncertain, thus their observation is important to the real estate market system. The extensive use of behavioral factors facilitates their implementation and studies in relation to the real estate market system. The behavioral approach has established its own instrumentation which enables elements of risk and uncertainty to be quantified.

The article presents a detailed review of the literature relating to speculative price bubbles on the real estate market, in particular the typology of speculative price bubbles. The aim of the study was to synthesize the knowledge on different types of price bubbles in the international literature. A typology of price bubbles was proposed based on functional and structural criteria that account for the structure of price bubbles and the real estate market. The research methods involved critical analysis and a review of the literature with a commentary. The study proposes a novel typology of price bubbles and defines the concept of a "conversion point" which is associated with changes in the group of factors that lead to the formation of price bubbles and changes in bubble type. [ABSTRACT FROM AUTHOR]

Purpose – The research goals were to analyze the problems in real estate market research; prepare a map of the problems associated with information supply on the real estate market and describe in detail the problem of real time in real estate market research. Design/methodology/approach – In the theoretical part, the method of detailed literature review was used. In the research part, the case study method was used. On the example of the city of Olsztyn was examined delays in entering and accessing data in the Register of Real Estate Prices and Values in Olsztyn. Findings – On the Olsztyn market, the length of the information lag between the date on which an application was submitted and the date on which the requested information was provided was approximately 30 days. The average difference between the date on which the requested information was received and the date of the most recent transaction in the register was 40 days. The average lag between transaction date and registration date was 85 days. Research limitations – The main research limitation is the analysis of only one local market, the market of the city of Olsztyn. For this reason, the results should not be generalized, and the problem requires deeper research. Research implications – The problems relating to insufficient market data, delayed access to data, information asymmetry and real-time data need to be resolved to improve the research process and facilitate the operations of market service providers, such as property appraisers, consultants and brokers. [ABSTRACT FROM AUTHOR]

Purpose - This article discusses the selection of outlying transactions for the purpose of developing a database for analyses of real estate prices. The study aimed to determine the applicability of the Gini coefficient as an auxiliary tool for evaluating the distribution of real estate prices. Design/methodology/approach– Changes in the values of the Gini coefficient were analyzed in databases that were gradually reduced by extreme values. The primary database was composed of real estate prices in three districts of Warsaw in 2017-2018. Findings - The results were also collated with other variability indicators and measures of location, asymmetry and skewness. The study demonstrated that the Gini coefficient produces similar results to a simple coefficient of variation, but is less sensitive to price changes. Research implications - The main research limitation was a small database covering a single location; therefore, the article could be regarded as a case study. The study demonstrated that the Gini coefficient can be applied as an auxiliary tool in assessments of price dispersion on the real estate market. [ABSTRACT FROM AUTHOR]

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Copyright of Economics / Ekonomia is the property of Uniwersytet Ekonomiczny we Wroclawiu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)