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Department of Land Economy

Environment, Law & Economics

Studying at Cambridge

 

Miao Gong

Miao Gong

Principal Supervisor: Dr Helen Bao

College: Queens'

Subject Area: Real Estate & Urban Analysis Research

Title of Thesis: WTA-WTP Disparity and Housing Decisions

Expected Graduate Term: ET 2016


Biography:

About Me

My Webpage
Download my CV

Education

10/2012-Present
Ph.D. Candidate, Department of Land Economy, University of Cambridge, UK

  • Thesis title: "WTA-WTP Disparity and Housing Decisions"
  • Viva date: 29 November 2016
  • The Ph.D. thesis presents models that are developed on the basis of behavioural economic theories to analyse the WTA–WTP disparity in the housing market. Field experiments are conducted to verify these models in the housing market. A meta-analytic review is performed on the WTA–WTP disparity studies conducted since the 1960s to offer guidance on the design of the field experiments.


10/2011-09/2012
M.Phil. Land Economy Research, Department of Land Economy, University of Cambridge, UK

  • Dissertation title: "Spatial Econometric Modelling of Residential Property Prices: Empirical Evidences from Washington D.C., USA"
  • The M.Phil. dissertation empirically verifies the benefit of considering spatial dependency in hedonic price modelling. By analyzing 13,923 residential property transaction records collected from Washington D.C., the results suggest that spatial error models can address the problems due to spatial-related omitted variable bias in hedonic price models, and submarket modeling is superior to aggregated modeling in terms of prediction accuracy and coefficient significance.


05/2010-09/2011
Visiting student, Department of Land Economy, University of Cambridge, UK

09/2007-06/2011
B.Sc. Financial Management, School of Management, Huazhong University of Science & Technology, China

Research Interests

Behavioural Economics, Experimental Economics
Real Estate Finance and Economics, Housing Economics

Research Experience

2012-present: Research Assistant

"Research on the Pricing and Risk Management of the Real Estate Financial Assets and Derivatives", project funded by National Natural Science Foundation of China.

  • Grant application
  • Review literatures and perform meta-analysis
  • Design and implement field experiments in the housing sector
  • Analyse empirical and experimental data
  • Deliver results and give presentations at conferences
2011-2013: Research Assistant

"Research of the Convertible Bond Pricing Model and Numerical Simulation under Non-rational Expectation Theory", project funded by National Natural Science Foundation of China.
  • Survey and review literatures on behavioural economics
  • Run simulations
  • Deliver and report results

 

Conferences

01/2017:
"What Drives the WTA-WTP Disparity in Real Estate Market? Endowment Effect, Information Asymmetry and Housing Decisions", 2017 American Economic Association (AEA) Meeting, Chicago, Illinois, USA (Scheduled)

11/2016:
Presented paper "Can Information Disclosure Nudge People to Close Deals? Evidence from Housing Market" at 2016 North American Economic Science Association (ESA) Meetings, Tucson, Arizona, USA

07/2016:
Presented paper "Can Information Disclosure Nudge People to Close Deals? Evidence from Housing Market" at 2016 American Real Estate and Urban Economics Association (AREUEA) International Conference, Alicante, Spain

06/2016:
Presented paper "What Drives the WTA-WTP Disparity in Real Estate Market? Endowment Effect, Information Asymmetry and Housing Decisions" at the 21st annual Workshop on the Economic Science with Heterogeneous Interacting Agents, Castellon de la Plana, Spain

07/2015:
Presented paper "Capital Structure Decisions and REITs Performance: Reference Point Matters" at Annual Asian Real Estate Society (AsRES) Conference, Washington DC, USA

04/2015:
Presented paper "Capital Structure Decisions and REITs Performance: Reference Point Matters" at Doctoral Program, American Real Estate Society (ARES) Conference, Fort Myers, Florida, USA

04/2015:
Presented paper "Endowment Effect and Housing Decisions" at 2014 American Real Estate and Urban Economics Association (AREUEA) Conference, Reading, UK

Teaching

Teaching Experiences

2012-2014
Academic Supervisor of undergraduate course Paper 3: Quantitative Methods for Land Economists: Statistic, Department of Land Economy, University of Cambridge

  • Mark student's coursework and essays
  • Prepare teaching notes
  • Demonstrate the use of quantitative analysis software
  • Deliver supervisions (4-5 students' small group tutorials)

Key Publications

Journal articles:

  1. "Endowment Effect and Housing Decisions" (with Helen X.H. Bao), 2016, International Journal of Strategic Property Management, 20(4), 341-353.
  2. "Reference-dependent Analysis of Capital Structure and REIT Performance" (with Helen X.H. Bao), Submitted to the Journal of Behavioral and Experimental Economics. Accepted subject to revision.
  3. "The Property Market in Beijing: Endowment Effect and Sales Strategy", Submitted to the Journal of Real Estate Practice and Education. Accepted subject to minor revision. (This is a teaching case based on my research and teaching experiences)
  4. "Does Reference Point Matter in the Leverage-return Relationship? Evidence from the U.S. Stock Market" (with Ting Hu), Submitted to the Journal of Empirical Finance.
  5. "Can Information Disclosure Nudge People to Close Deals? Field Evidence from Housing Market" (with Colin Lizieri and Helen X.H. Bao), Submitted to the Journal of Economic Psychology)

Working papers:

  1. "What Drives the WTA-WTP Disparity in Real Estate Market? Endowment Effect, Information Asymmetry and Housing Decisions". Working paper, job market paper. (target journal: Journal of Economic Behavior & Organization)
  2. "A Meta Analytic Review of Studies on the WTA-WTP Disparity". Working paper. (target journal: European Economic Review)