ABSTRACT Buying a home may typically be the biggest lifetime purchase of any individual. People looking to purchase a home are bombarded with messages relating to the housing market every day and the framing of these messages has the potential to affect their purchase decisions. To examine these effects, an experiment was carried out with 620 participants who were divided into four groups, each presented with a different message scenario reflecting market familiarity and positive and negative framing. The findings indicate that framing effects are asymmetric in nature and could serve to prolong a housing market downturn within a property cycle. Pessimistic framing was found to lead homebuyers to perceive a more substantial decrease in housing prices, as compared to an optimistic framing which exhibited a significantly lesser increase. The study also suggests that such asymmetry is mitigated when individuals are more familiar with a market. The paper considers the implications of such framing by analysing residential property market data and demonstrates the existence of such asymmetric behaviour and how the market familiarity mitigates such behaviour.

中文翻译：

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不对称的框架效应和市场熟悉度：房地产市场的实验证据

摘要购买房屋通常可能是任何人一生中最大的一笔购买。想要购买房屋的人们每天都会受到与住房市场有关的消息的轰炸，这些消息的框架有可能影响他们的购买决定。为了检查这些影响，对620名参与者进行了一项实验，他们分为四组，每组都有不同的消息场景，这些场景反映了市场的熟悉程度以及正负框架。研究结果表明，框架效应本质上是不对称的，并且可以在房地产周期内延长房地产市场的衰退。与乐观框架相比，悲观框架导致购房者认为房屋价格下降幅度更大，而乐观框架的涨幅要小得多。这项研究还表明，当人们对市场更加熟悉时，这种不对称现象就会减轻。本文通过分析住宅房地产市场数据来考虑这种框架的含义，并证明这种不对称行为的存在以及市场的熟悉程度如何减轻这种行为。