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Old Habits Are Hard To Change: Evidence From Israeli Real Estate Contracts, Doron Teichman
Old Habits Are Hard To Change: Evidence From Israeli Real Estate Contracts, Doron Teichman
Doron Teichman
This paper presents a unique case study on the persistent dollarization norm in Israeli real estate contracts. Using an array of theoretical tools from both psychology and economics, it explains this puzzling phenomenon, and demonstrate why persistent inefficient contracting norms may remain surprisingly stable within contracting communities. Finally, the paper will address some of the general policy recommendations that can be learned from this case study.