| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11392 |
| DP11392 The Role of Auctions and Negotiation in Housing Prices | |
| David Genesove | |
| 发表日期 | 2016-07-15 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Using Sydney and Melbourne transactions, we show that how properties sell matters for housing price dynamics. Auction prices forecast better and display much less momentum than negotiated prices. This is consistent with the two mechanisms transmitting buyer vs. seller shocks to prices differently and, in light of auction and bargaining theories, suggests the source of momentum is sluggishness in sellers valuations. Other explanations, such as differences in precision, slow diffusion of shocks among buyers, or endogenous selection of the sales mechanism, fail to explain our findings. Our estimates also indicate that sellers have at most equal bargaining power in negotiations. |
| 主题 | Industrial Organization |
| 关键词 | Auctions Bargaining Housing prices |
| URL | https://cepr.org/publications/dp11392 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540206 |
| 推荐引用方式 GB/T 7714 | David Genesove. DP11392 The Role of Auctions and Negotiation in Housing Prices. 2016. |
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