My research focuses on the markets for real assets such as housing, commercial real estate, and art. Much of my work is concerned with analyzing differences in investment decisions and outcomes between different types of buyers in these markets (e.g., specialist vs. generalist investors, local vs. out-of-town buyers). I have also studied the long-run price dynamics—and the challenges with accurately predicting prices and measuring returns—for both real estate and collectibles. My recent work covers crucial policy issues in housing markets, such as the determinants of mortgage refinancing decisions, the capitalization of energy efficiency into house prices, the impact of segregation on long-run urban decay, and the organizational efficiency and societal impact of non-profit multi-family housing investors.
keywords
Real Estate, Household Finance, Financial History, Private Equity, Art Markets
