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Nordic Economic Policy Review 2021: Nordic Housing Markets and Policies
Available online: https://pub.norden.org/nord2021-022/ This issue of Nordic Economic Policy Review is devoted to Nordic housing markets and housing policies. Nordic housing markets face more or less the same problems and challenges, but the way policies and regulations deal with them differs in many respects. A comparison of policies, regulations and results across countries yields valuable lessons for policymakers. The work has been led and edited by Professor emeritus Harry Flam and Professor emeritus Peter Englund.
Bubbles and Crises
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Bidding Behavior in Housing Auctions
Using data on more than one million bids from almost 200,000 housing transactions, we examine behavioral patterns uncovered in bidding logs. Norwegian housing transactions are arranged as ascending-bid auctions and bids are made on digital platforms. We use data from these auctions to study individual bidders both within and across auctions with temporal resolution measured in hours and minutes. In this purely empirical study, we focus our attention on how auction outcomes are affected by the degree of competition within the auction. Relative to one-by-one negotiations, we find that auctions with many bidders are associated with shorter bid-expiration deadlines, shorter intervals between subsequent bids, a lower opening bid, smaller bid increments, a reduction in time-one-market, and a higher sell-ask spread. We also find that individual bidders have a higher spread between their first and last bid in auctions with more competition. Finally, we follow repeat-bidders across auctions, and find that bidders tend to increase their maximum bid when they have been unsuccessful in previous auctions.
Microeconomics in Context
Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context, the book is uniquely attuned to economic, social, and environmental realities. The "In Context" books offer an engaging coverage of current research and policy issues from economic inequality and climate change, to taxes and globalization. Key features include: Up-to-date discussions of the impacts of the COVID-19 pandemic on inequality, labor markets, and beyond Analysis of recent trade issues and the implications of Brexit Presentation of policy issues in historical, environmental, institutional, social, pol...
