THE HOME SELLING PROBLEM: THEORY AND EVIDENCE

• 成果类型: Article
• 署名作者: Merlo, Antonio; Ortalo-Magne, Francois; Rust, John
• 署名单位: Rice University; University of Wisconsin System; University of Wisconsin Madison; Georgetown University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12111
• 发表日期: 2015
• 页码: 457-484
• 关键词: real-estate; listing price; time; MARKET; duration; search

摘要

We formulate and solve the problem of a homeowner who wants to sell her house for the maximum possible price net of transactions costs. We estimate this model using data on transaction histories for 780 residential properties in England. The estimated model fits list price dynamics and other key features of the data. In particular, a tiny menu cost of changing the listing price, as little as ten thousandths of 1% of the house value, is sufficient to explain the high degree of stickiness of listing prices observed in the data.