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Does the Dream of Home Ownership Rest upon Biased Beliefs? A Test Based on Predicted and Realized Life Satisfaction
JournalArticle (Originalarbeit in einer wissenschaftlichen Zeitschrift)
 
ID 4658878
Author(s) Odermatt, Reto; Stutzer, Alois
Author(s) at UniBasel Stutzer, Alois
Odermatt, Reto
Year 2022
Title Does the Dream of Home Ownership Rest upon Biased Beliefs? A Test Based on Predicted and Realized Life Satisfaction
Journal Journal of Happiness Studies
Volume 23
Number 8
Pages / Article-Number 3731-3763
Abstract The belief that home ownership makes people happy is probably one of the most widespread intuitive theories of happiness. However, whether it is accurate is an open question. Based on individual panel data, we explore whether home buyers systematically overestimate the life satisfaction associated with moving to their privately owned property. To identify potential prediction errors, we compare people's forecasts of their life satisfaction in 5 years' time with their current realizations. We find that home buyers for whom the purchase of the home is a main reason for moving, on average, systematically overestimate the long-term satisfaction gain of living in their dwelling. The misprediction therein is driven by home buyers who follow extrinsically-oriented life goals, highlighting biased beliefs regarding own preferences as a relevant mechanism in the prediction errors.
Publisher Springer
ISSN/ISBN 1389-4978 ; 1573-7780
edoc-URL https://edoc.unibas.ch/92538/
Full Text on edoc Available
Digital Object Identifier DOI 10.1007/s10902-022-00571-w
PubMed ID http://www.ncbi.nlm.nih.gov/pubmed/36397961
ISI-Number WOS:000853972000001
Document type (ISI) Journal Article
 
   

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19/04/2024