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Housing Bubble Week Finale: It's The Housing Cycle, Stupid! - Ed Leamer

The Joe Walker Podcast

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Loss Aversion

I use the term loss aversion. I'd rather have a metaphorical description of the mind of the individual. Living in a home is a radically different experience to being a property investor or even a stock market investor. That isn't some kind of psychological loss aversion. It's a meaningful investment that you've made in that house. You don't want to give it up. To give that all up involves a huge cost.

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