Asymmetric information and list-price reductions in the housing market

被引：31
作者：
de Wit, Erik R. [1 ]
van der Klaauw, Bas [2 ,3 ]
机构：
[1] Univ Amsterdam, Finance Grp, NL-1012 WX Amsterdam, Netherlands
[2] Vrije Univ Amsterdam, Dept Econ, Amsterdam, Netherlands
[3] Tinbergen Inst, Amsterdam, Netherlands
来源：
REGIONAL SCIENCE AND URBAN ECONOMICS | 2013年 / 43卷 / 03期
关键词：
Time on the market; Duration analysis; Transaction prices; Selectivity; ON-THE-MARKET; MORTGAGE TERMINATIONS; SELLING PRICE; REAL-ESTATE; TIME; DURATION; IDENTIFIABILITY; HETEROGENEITY; BEHAVIOR; SEARCH;
D O I：
10.1016/j.regsciurbeco.2013.03.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In housing markets with asymmetric information list prices may signal unobserved properties of the house or the seller. Asymmetric information is the starting point for many models for the housing market. In this paper, we estimate the causal effect of list-price reductions on the time houses remain for sale on the market to test for the presence of asymmetric information. We use very rich and extensive administrative data from the Netherlands. Our empirical results show that list-price reductions significantly increase the selling rate of a house, but also the rate of withdrawal from the market increases. (C) 2013 Elsevier B.V. All rights reserved.
引用
收藏
页码：507 / 520
页数：14
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