【主题】Competing Selling Strategies in the Housing Market
【报告人】林振国（美国佛罗里达国际大学教授）
【时间】2019年10月24日（星期四）14:30-16:00
【地点】上海财经大学红瓦楼236会议室
【主持人】孙聪副教授
【报告摘要】
This study provides a side-by-side performance comparison of the two optimal stopping rules (i.e, the reservation rule and the number rule) in the context of real estate selling process. It demonstrates that the selling strategies by these two stopping rules are not mutually exclusive, nor are they fixed at the outset. Rather, real estate selling is an adaptive process whereby the sellers update their strategies and expectations, and optimally choose these competing strategies based on the housing market conditions. Our analyses reveal clear evidence that no strategy consistently outperforms the other under all market conditions. Therefore, single selling strategy without adaptation is likely to result in suboptimal selling outcome, and the widely-used reservation rule in academic research is likely to result in biased findings. In addition, we identify the explicit impact of several supply and demand side factors on the optimal trading outcome and provide rich insights into optimal selling strategies in the housing market.
【报告人简介】
林振国，美国佛罗里达国际大学（Florida International University）教授，主要研究领域为房地产经济与金融。他先后于复旦大学、加拿大英属哥伦比亚大学和美国威斯康星-麦迪逊大学分别获得学士、硕士和博士学位，曾在美国房利美、密西西比州立大学、加州州立大学富尔顿分校工作和任教。他在全球范围内2014-2018年三大房地产顶尖期刊发表论文的统计中名列第3，曾获美国房地产学会（American Real Estate Society）颁发的William N. Kinnard青年学者奖，还多次获得美国房地产学会年会最佳论文奖、世界华人不动产学会年会最佳论文奖等学术奖项。他关于破产清偿对社区房地产价值影响的研究工作，在次贷危机期间广受学界与业界的关注，得到了美联储前主席伯南克的重视，并被其在2009年全球金融峰会报告中引用。此外，他的部分研究成果还被《华尔街日报》等主流财经媒体广泛引述或报道。
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