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Cardiff Business School, Cardiff University >
Cardiff Economics Working Papers >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/65741
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Selcuk, Cemil | | en_US |
| dc.date.accessioned | | 2012-11-02T14:27:05Z | | - |
| dc.date.available | | 2012-11-02T14:27:05Z | | - |
| dc.date.issued | | 2010 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/65741 | | - |
| dc.description.abstract | | We present a search-and-matching model of the housing market where potential buyers' willingness to pay is private information and sellers may become desperate as they are unable to sell. A unique steady state equilibrium exists where desperate sellers offer sizeable price cuts and sell faster. If the number of distressed sales rises then even relaxed sellers are forced to lower their prices. Buyers, on the other hand, become more selective and search longer for better deals. The model yields a theoretical density function of the time-to-sale, which is positively skewed and may be hump-shaped. These results are consistent with recent empirical findings. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Cardiff Univ, Cardiff Business School, Economics Section Cardiff | | en_US |
| dc.relation.ispartofseries | | Cardiff Economics Working Papers E2010/2 | | en_US |
| dc.subject.jel | | D39 | | en_US |
| dc.subject.jel | | D49 | | en_US |
| dc.subject.jel | | D83 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | housing | | en_US |
| dc.subject.keyword | | private information | | en_US |
| dc.subject.keyword | | random search | | en_US |
| dc.subject.keyword | | motivated sellers | | en_US |
| dc.subject.stw | | Immobilienmarkt | | en_US |
| dc.subject.stw | | Nachfrage | | en_US |
| dc.subject.stw | | Willingness to pay | | en_US |
| dc.subject.stw | | Matching | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Motivated sellers in the housing market | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 622728172 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Cardiff Economics Working Papers
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