NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

What Have They Been Thinking? Home Buyer Behavior in Hot and Cold Markets

Karl E. Case, Robert J. Shiller, Anne Thompson

NBER Working Paper No. 18400
Issued in September 2012

---- Acknowledgements -----

This paper was prepared for the Brookings Panel on Economic Activity Conference of September 13–14, 2012, Brookings Institution; reproduced with permission of the Brookings Papers on Economic Activity. The authors are indebted to the U.S. National Science Foundation, which funded the 1988 survey, and to the Yale School of Management, with a grant from Whitebox Advisors which supports our recent surveys. Cathy Adrado, Daniel Boston, Zachary Dewitt, David Stiff, and Olga Vidisheva provided research assistance for this paper. The authors thank the editors, David Romer and Justin Wolfers, the discussants, David Laibson and Paul Willen, as well as Karen Dynan, for helpful suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Karl E. Case -----

I perform consulting services for Analysis Group, Boston, MA and through Gerson Lehrman Group.

I also serve on the board of the Depositors Insurance Fund of Massachusetts.

I receive royalties from Pearson Education Publishing for Principles of Economics 11th edition.

---- Disclosure of Financial Relationships for Robert J. Shiller -----

I have a disclosure page at http://www.econ.yale.edu/~shiller/ShillerDisclosure.pdf

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