Scholarlink

<p>This paper studies models of housing markets with three key ingredients: price posting; directed search; and heterogeneous agents. We provide sharp analytic results on existence, uniqueness and comparative statics. Then we show the theory is consistent with some facts documented from three sources, previously-studied UK data, plus rich new data from Vancouver, and from Beijing, with much detail and many observations. Among other predictions, the framework generates residual price dispersion: prices can be very different even after controlling for observed house characteristics. It is also consistent with price stickiness, even with rational expectations, standard preferences, and no menu costs.</p>

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

Price dispersion and price stickiness in a competitive search model of housing markets

  • 期刊论文

  • 发表日期：

    2025年5月28日

查看全文
  • Marie Rekkas,
  • Lei Jiang,
  • Randall Wright,
  • Yu Zhu

摘要

This paper studies models of housing markets with three key ingredients: price posting; directed search; and heterogeneous agents. We provide sharp analytic results on existence, uniqueness and comparative statics. Then we show the theory is consistent with some facts documented from three sources, previously-studied UK data, plus rich new data from Vancouver, and from Beijing, with much detail and many observations. Among other predictions, the framework generates residual price dispersion: prices can be very different even after controlling for observed house characteristics. It is also consistent with price stickiness, even with rational expectations, standard preferences, and no menu costs.