Observational Learning and Information Disclosure in Search Markets

• 成果类型: Article; Early Access
• 署名作者: Fan, Ziying; Weng, Xi; Zhou, Li-An; Zhou, Yiyi
• 署名单位: Shanghai University of Finance & Economics; Peking University; State University of New York (SUNY) System; Stony Brook University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.00917
• 发表日期: 2026
• 关键词: Observational learning; information disclosure; search markets; housing search

摘要

We develop and estimate a structural model of buyers' observational learning, search, and bidding, using unique data on in-person home viewings and transactions. We use the estimated model to quantify the welfare impact of different information disclosure rules. Our findings indicate that prohibiting the disclosure of home viewing information while permitting only the disclosure of time-on-market would extend the sale time and raise the transaction price, benefiting sellers but harming buyers on average.