TY  - JOUR
AU  - Shiller,Robert J.
TI  - Derivatives Markets for Home Prices
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 13962
PY  - 2008
Y2  - April 2008
UR  - http://www.nber.org/papers/w13962
L1  - http://www.nber.org/papers/w13962.pdf
N1  - Author contact info:
Robert J. Shiller
Yale University, Cowles Foundation
Box 208281
30 Hillhouse Avenue
New Haven, CT  06520-8281
Tel: 203/432-3708
Fax: 203/432-6167
E-Mail: robert.shiller@yale.edu
M2  - featured in NBER digest on 2008-09-01
AB  - The establishment recently of risk management vehicles for home prices is described. The potential value of such vehicles, once they become established, is seen in consideration of the inefficiency of the market for single family homes. Institutional changes that might derive from the establishment of these new markets are described. An important reason for these beginnings of real estate derivative markets is the advance in home price index construction methods, notably the repeat sales method, that have appeared over the last twenty years. Psychological barriers to the full success of such markets are discussed.
ER  -