Work in Progress

My current research interests are real estate finance, household finance, real estate economics, and infrastructure finance.

● Heterogeneous Housing Valuation

Abstract: The pricing of residential real estate is driven by individual households’ preferences for housing services. In this study, I show how households with different sociodemographic characteristics value specific housing attributes heterogeneously. In doing so, I make use of a special auction design and a novel measure of private preference pressure, which reflects a household’s necessity to reveal its true private value estimate when buying a dwelling. Based on this economic mechanism, I use a threefold decomposition technique to show how a high and low amount of sociodemographic characteristics in a neighborhood, like income, education, age, and family status, lead to varying private value estimates of specific housing attributes. Creating a typical low- and high-characteristic buyer in a neighborhood further proves our main finding. Additionally, I exploit the introduction of stricter lending rules in a triple difference-in-difference setting to show how an asymmetric shock to the budget constraint of one of two buyer groups causally increases heterogeneous housing valuation in light of high preference pressure in an auction. 

Talks: 2022 HSG Econ-Finance Seminar, 2023 NTNU Business School Conference, 2025 ARES Conference,  2025 ODU Real Estate Research Symposium.

● Regional Innovation and House Prices, joint with Roland Füss, Benedetta Vernuccio, and Niklas Schmidt

● Revenue Versus Reputation: Warring Incentives in the Rating Industry, joint with Roland Füss, Stefan Morkötter, Roman Stebler, and Simone Westerfeld

● Unveiling the Pulse of Property Markets: Constructing a Real-Time Real Estate Index, joint with Thies Lindenthal

● Where Homes Get Built: Local Determinants of Housing Construction Activity, joint with Roland Füss, Jörg Schläpfer, and Marco Schmid

● Research on Infrastructure Financing, joint with Endri Avduli

● Research on Infrastructure Returns/Risks (Single Authored Work)

● Research on Infrastructure and Real Estate, joint with Vedran Lakic and Roland Füss

● Research on International Infrastructure Investments,  joint with Margaux Deltel