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Why this is rational to an economist

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Reference no: EM132464760

Question: Economists Genovese and Mayer found that home sellers seem to have a strong aversion to selling their homes for less than the price they paid for them. The more they paid for the house, the higher the owners set the asking price holding everything else ( eg. the neighbor-hood, size, quality of the house...) constant. To an economist, is this rational? Why or why not?

Reference no: EM132464760

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