Opportunistic matching in the housing market

• 成果类型: Article
• 署名作者: Albrecht, James; Anderson, Axel; Smith, Eric; Vroman, Susan
• 署名单位: Georgetown University; University of Essex
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2007.00440.x
• 发表日期: 2007
• 页码: 641-664
• 关键词: search; marriage; assets; prices; MODEL

摘要

We construct a model of the housing market in which agents differ in their flow values while searching. Agents enter the market relaxed (with high flow values) but move to a desperate state (low flow values) at a Poisson rate if they have not already transacted. We characterize the equilibrium steady-state matching pattern and the joint distribution of price and time to sale (for sellers). The expected price conditional on time to sale falls with time spent on the market, whereas the conditional variance of price first rises and then falls with time on the market.