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dc.contributor.authorAlbrecht, Jamesen_US
dc.contributor.authorGautier, Pieter A.en_US
dc.contributor.authorVroman, Susanen_US
dc.date.accessioned2010-02-17en_US
dc.date.accessioned2010-07-07T12:06:30Z-
dc.date.available2010-07-07T12:06:30Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/36163-
dc.description.abstractIn 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.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 4671en_US
dc.subject.jelD83en_US
dc.subject.jelR31en_US
dc.subject.ddc330en_US
dc.subject.keywordDirected searchen_US
dc.subject.keywordhousingen_US
dc.subject.stwWohnungsmarkten_US
dc.subject.stwMarktmechanismusen_US
dc.subject.stwWohneigentumen_US
dc.subject.stwSuchtheorieen_US
dc.subject.stwSpieltheorieen_US
dc.subject.stwTheorieen_US
dc.subject.stwUSAen_US
dc.titleDirected search in the housing marketen_US
dc.typeWorking Paperen_US
dc.identifier.ppn618760490en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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