| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7639 |
| DP7639 Directed Search in the Housing Market | |
| Pieter A. Gautier; James Albrecht; Susan Vroman | |
| 发表日期 | 2010-01-17 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | In this paper, we present a directed search model of the housing market. The pricing mechanism we analyze reflects the way houses are bought and sold in the United States. Our model is consistent with the observation that houses are sometimes sold above, sometimes below and sometimes at the asking price. We consider two versions of our model. In the first version, all sellers have the same reservation value. In the second version, there are two seller types, and type is private information. For both versions, we characterize the equilibrium of the game played by buyers and sellers, and we prove efficiency. Our model offers a new way to look at the housing market from a search-theoretic perspective. In addition, we contribute to the directed search literature by considering a model in which the asking price (i) entails only limited commitment and (ii) has the potential to signal seller type. |
| 主题 | Labour Economics |
| 关键词 | Directed search Housing |
| URL | https://cepr.org/publications/dp7639 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536476 |
| 推荐引用方式 GB/T 7714 | Pieter A. Gautier,James Albrecht,Susan Vroman. DP7639 Directed Search in the Housing Market. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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