Dr. Danny Ben-Shahar

מנהלת ביה"ס למנהל עסקים סגל אקדמי בכיר
Dr. Danny Ben-Shahar
Phone: 03-6408194
Office: Recanati - Business Administration, 42

Short Biography

Dr. Danny Ben-Shahar is a senior lecturer at the Faculty of Management at Tel Aviv University and serves as the Director of the Alrov Institute for Real Estate Research. His research includes an analysis of agents’ rational and irrational behavior in the real estate market. Among Ben-Shahar’s publications are articles in Economica, Journal of Behavioral and Experimental Economics, Regional Science and Urban Economics, Annals of Regional Science, The Journal of Real Estate Finance and Economics, Journal of Real Estate Research, and the Journal of Housing Economics. Ben-Shahar is a Weimer School Fellow at the Homer Hoyt Institute in Florida, USA and serves on the editorial boards of several academic journals. In addition, Ben-Shahar serves as a board member in several corporate entities in Israel and is a member of the board of the Israeli Appraisal Association. Ben-Shahar holds a B.A. in economics from Tel Aviv University and an MBA and a Ph.D. in real estate finance from the University of California at Berkeley.



Fields of Research

Real Estate Finance and Economics


Peer-Reviewed Journal Articles


Ben-Shahar, D., 1998. On the optimality of the hybrid tenure mode, Journal of Housing Economics, 7:69-92.


Ben-Shahar, D., 2001. A study of the optimal brokerage cost allocation in a rental housing market with asymmetric information, The Journal of Real Estate Finance and Economics, 23:77-94.


Ben-Shahar, D., D. Feldman, and D. Greenberg, 2002. The value of the rent control option., The Journal of Real Estate Finance and Economics, 24:89-101.

Reprinted in New Directions in Real Estate Finance and Investment (Eichholtz and Patel, Eds., Kluwer Academic Publishers, Boston, 2002).


Ben-Shahar, D., 2002. Theoretical and empirical analysis of the multi-period pricing pattern in the real estate market, Journal of Housing Economics, 11:95-107.


Ben-Shahar, D., 2003. A performance comparison between dwellings and financial assets in Israel, Journal of Real Estate Literature, 11:179-194.


Ben-Shahar, D., and D. Feldman, 2003. Signaling-screening equilibrium in the mortgage market, The Journal of Real Estate Finance and Economics, 26:157-178.


Ben-Shahar, D., 2004. Productive signaling equilibria and over-maintenance: An application to real estate markets, The Journal of Real Estate Finance and Economics, 28:255-271.


Ben-Shahar, D., and A. Jocob, 2004. Selective enforcement of copyrights as an optimal monopolistic behavior, Contributions to Economic Analysis and Policy, Vol. 3 Article 18.


Ben-Shahar, D., and E. Sulganik, 2005. Can co-owners agree to disagree? A theoretical examination of voting rules in co-ownerships, The Journal of Real Estate Finance and Economics, 31(2):207-223.


Ben-Shahar, D., 2006. Screening mortgage default risk: A unified theoretical framework. Journal of Real Estate Research, 28(3):215-239.


Ben-Shahar, D., 2007. Tenure Choice in the housing market: Psychological vs. economic factors, Environment and Behavior, 39(6):841-858.


Ben-Shahar,. D., and E. Sulganik, 2008. Partial ordering of unpredictable mobility with welfare implications, Economica, 75:592-614.


Ben-Shahar,. D., 2008. Default, credit scoring, and loan-to-value: A theoretical analysis under competitive and non-competitive mortgage markets, Journal of Real Estate Research, 30(2):161-190.


Ben-Shahar, D., Y. Deng, and E. Sulganik, 2009. Property appraisal in high-rises: A cooperative game theory approach, Journal of Housing Economics, 18:25-33.


Ben-Shahar, D., and E. Sulganik, 2009. Fair depreciation: A Shapley value approach, The B.E. Journal of Theoretical Economics, 9 (Issue 1).


Ben-Shahar, D., Y. Margaliot, and E. Sulganik, 2009. The straight-line depreciation is wanted, dead or alive, Journal of Real Estate Research, 31(3):351-370 (with Y. Margaliot, and E. Sulganik).


Arbel, Y., D. Ben-Shahar, and E. Sulganik, 2009. Mean reversion and momentum: Another look at the price-volume correlation in the real estate market, The Journal of Real Estate Finance and Economics, 39(3):316-335.


Arbel, Y., D. Ben-Shahar, S. Gabriel, and Y. Tobol, 2010. The local cost of terror: Effect of the Second Palestinian Intifada on Jerusalem house prices, Regional Science and Urban Economics, 40:415-426.


Ben-Shahar, D., E. Sulganik, and D. Tsang, 2011. Funds from Operations versus Net Income: Examining the dividend-relevance of REIT performance measures, Journal of Real Estate Research, 33(3):415-442.


Ben-Shahar, D., and E. Sulganik, 2011. Vacancy chains and the degree of mobility in the housing market, The Annals of Regional Science, 47(3):569-583.


Arbel, Y., D. Ben-Shahar, and Y. Tobol, 2012. The correlation among immigrant homeownership, objective and subjective characteristics, and active citizenship: New evidence from the Israeli experience, Urban Studies, 49:2479-2499.


Ben-Shahar, D., and R. Golan, 2014. Real estate and personality, Journal of Behavioral and Experimental Economics, 53:111-119.


Arbel, Y., D. Ben-Shahar, and S. Gabriel, 2014. Anchoring and housing choice: Results of a natural policy experiment, Regional Science and Urban Economics, 249:68-83.


Ben-Shahar, D., and J. Warszawski. Inequality in housing affordability: Measurement and estimation, Urban Studies (forthcoming).


Arbel, Y., D. Ben-Shahar, and S. Gabriel. Are the disabled less loss averse? New evidence from the housing market, Economic Inquiry (forthcoming).


Ben-Shahar, D., E. Sulganik, and D. Tsang. Does IFRS 10 on consolidated financial statements abandon accepted economic principles?, Australian Accounting Review (forthcoming).


Ben-Shahar, D., and R. Golan.  Anchoring under currency substitution: A ratchet price mechanism in the housing market, Real Estate Economics (forthcoming).



Chapters in Books


Ben-Shahar, D., G. Benchetrit, and E. Sulganik, 2008. The Israeli mortgage market: Mortgage insurance as a mechanism for screening default risk. In Mortgage Markets Worldwide (Ben-Shahar, Leung, and Ong, Eds., Blackwell Publishing).


Ben-Shahar, D., and J. Warszawski, 2011. Partly cloudy to clear: The Israeli economy and the local housing market under the storm of the world financial crisis. In Global Housing Markets: Crises, Policies, and Institutions (Bardhan, Edelstein, and Kroll, Eds., John Wiley & Sons).


Books Edited


D. Ben-Shahar, C. Leung, and S. E. Ong, eds., Mortgage Markets Worldwide (Blackwell Publishing 2008).

Tel Aviv University, P.O. Box 39040, Tel Aviv 6997801, Israel
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