THICK-MARKET EFFECTS, HOUSING HETEROGENEITY, AND THE DETERMINANTS OF TRANSACTION SEASONALITY

• 成果类型: Article
• 署名作者: Nenov, Plamen T.; Larsen, Erling Roed; Sommervoll, Dag Einar
• 署名单位: BI Norwegian Business School; Norwegian University of Life Sciences
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12305
• 发表日期: 2016
• 页码: 2402-2423
• 关键词: Directed search; prices; unemployment; EFFICIENCY; liquidity; MODEL; hot

摘要

This article uses cross-sectional variation in transaction seasonality and a search-theoretic framework to develop a test for thick-market effects from matching efficiency. The test relates the extent of transaction seasonality to the degree of horizontal housing heterogeneity. We find a strong positive association between measures of seasonality and housing heterogeneity using a transaction level dataset for Norway, which is consistent with the presence of thick-market effects. These results also show that the degree of horizontal heterogeneity of the housing stock is an important determinant of the extent of seasonality in a housing market.