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dc.contributor.authorAlbrecht, Jamesen
dc.contributor.authorGautier, Pieter A.en
dc.contributor.authorVroman, Susanen
dc.date.accessioned2010-02-17-
dc.date.accessioned2010-07-07T12:06:30Z-
dc.date.available2010-07-07T12:06:30Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x4671en
dc.subject.jelD83en
dc.subject.jelR31en
dc.subject.ddc330en
dc.subject.keywordDirected searchen
dc.subject.keywordhousingen
dc.subject.stwWohnungsmarkten
dc.subject.stwMarktmechanismusen
dc.subject.stwWohneigentumen
dc.subject.stwSuchtheorieen
dc.subject.stwSpieltheorieen
dc.subject.stwTheorieen
dc.subject.stwUSAen
dc.titleDirected search in the housing market-
dc.type|aWorking Paperen
dc.identifier.ppn618760490en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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