| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21489 |
| 来源ID | Working Paper 21489 |
| Conflicts of Interest and the Realtor Commission Puzzle | |
| Panle Jia Barwick; Parag A. Pathak; Maisy Wong | |
| 发表日期 | 2015-08-24 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper documents uniformity in real estate commission rates across markets and time using a dataset on realtor commissions for 653,475 residential listings in eastern Massachusetts from 1998-2011. Newly established real estate brokerage offices charging low commissions grow more slowly than comparable entrants with higher commissions. Properties listed with lower commission rates experience less favorable transaction outcomes: they are 5% less likely to sell and take 12% longer to sell. These adverse outcomes reflect decreased willingness of buyers' agents to intermediate low commission properties (steering) rather than heterogeneous seller preferences or reduced effort of listing agents. While all agents and offices prefer properties with high commissions, firms and agents with large market shares purchase a disproportionately small fraction of low commission properties. The negative outcomes for low commissions provide empirical support for regulatory concerns that steering reinforces the uniformity of commissions. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Industrial Organization ; Market Structure and Firm Performance ; Industry Studies ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w21489 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579164 |
| 推荐引用方式 GB/T 7714 | Panle Jia Barwick,Parag A. Pathak,Maisy Wong. Conflicts of Interest and the Realtor Commission Puzzle. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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