【主题】Housing Shock and Online Consumer Behavior
【摘要】To establish the causal relationship between housing price appreciation and online consumer behavior, this study exploits a proprietary dataset assembled from October 1, 2016 to December 31, 2018 by the largest e-commerce company in China. In order to overcome the empirical challenges faced by existing literature due to the non-random nature of housing price changes, this study investigates a unique institutional setting in China, namely the announcement of the newest national-level special economic zone, Xiong’an new area, on April 1, 2017, as an exogenous shock to the housing price. The study focuses on three areas of interest. First, we examine how exogenous and unanticipated housing wealth shocks impact households’ online consumer behaviors. Second, we study the dynamic change of online consumer behaviors before and after the housing shock, and determine whether the behavioral responses persist in the long run. Third, we explore the underlying mechanisms through which the housing shock affects consumer behaviors. In particular, we attempt to disentangle the collateral effects from the wealth effects and the rent effects.
【个人简介】王龙博士现为上海科技大学创业与管理学院助理教授。他于2018年获得新加坡国立大学房地产博士学位，研究兴趣为城市经济学、房地产金融和中国经济。他的论文已发表于Journal of Public Economics、Journal of Urban Economics、Real Estate Economics和Journal of Real Estate Research等国际一流期刊。