PhD candidate Florian Sniekers wins ESB Award 2015
Florian Sniekers
TI-UvA PhD student Florian Sniekers (Amsterdam School of Economics, University of Amsterdam) has been awarded he ESB Award 2015 for his article "Eerst kopen of eerst verkopen op de woningmarkt" (co-authors are Espen Moen and Plamen Nenov).
The article shows that moving owner-occupiers should buy first whenever there are many buyers in the market, and should sell first whenever there are many sellers in the market. However, when households buy first, they tend to crowd the buyers' side of the market, and when they sell first, they crowd the sellers' side. As a result, multiple equilibria exist, and self-fulfilling fluctuations between these steady states are quantitatively relevant. The jury praised the intuitiveness as well as the depth of these results.