Some searches may not work properly. We apologize for the inconvenience.
My bibliography Save this paperMarket Distortions when Agents are Better Informed: The Value of Information in Real Estate Transactions
Author
Abstract
Suggested Citation
Note: CF
Download full text from publisher
Other versions of this item:
- Steven D. Levitt & Chad Syverson, 2008. "Market Distortions When Agents Are Better Informed: The Value of Information in Real Estate Transactions," The Review of Economics and Statistics, MIT Press, vol. 90(4), pages 599-611, November.
References listed on IDEAS
- Genesove, David & Mayer, Christopher J, 1997.
"Equity and Time to Sale in the Real Estate Market,"
American Economic Review, American Economic Association, vol. 87(3), pages 255-269, June.
- David Genesove & Christopher J. Mayer, 1993. "Equity and time to sale in the real estate market," Working Papers 93-6, Federal Reserve Bank of Boston.
- Genesove, D. & Mayer, C.J., 1994. "Equity and Time to Sale in the Real Estate Market," Working papers 94-02, Massachusetts Institute of Technology (MIT), Department of Economics.
- David Genesove & Christopher J. Mayer, 1994. "Equity and Time to Sale in the Real Estate Market," NBER Working Papers 4861, National Bureau of Economic Research, Inc.
- Kevin M. Murphy & Robert H. Topel, 1990. "Efficiency Wages Reconsidered: Theory and Evidence," Palgrave Macmillan Books, in: Yoram Weiss & Gideon Fishelson (ed.), Advances in the Theory and Measurement of Unemployment, chapter 8, pages 204-240, Palgrave Macmillan.
- Levy, Gilat, 2000.
"Strategic consultation in the presence of career concerns,"
LSE Research Online Documents on Economics
3627, London School of Economics and Political Science, LSE Library.
- Gilat Levy, 2000. "Strategic Consultation in the Presence of Career Concerns," STICERD - Theoretical Economics Paper Series 404, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Munneke, Henry J & Yavas, Abdullah, 2001. "Incentives and Performance in Real Estate Brokerage," The Journal of Real Estate Finance and Economics, Springer, vol. 22(1), pages 5-21, January.
- Vijay Krishna & John Morgan, 2001.
"A Model of Expertise,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(2), pages 747-775.
- Vijay Krishna & John Morgan, 1999. "A Model of Expertise," Game Theory and Information 9902003, University Library of Munich, Germany.
- Vijay Krishna & John Morgan, 1999. "A Model of Expertise," Working Papers 154, Princeton University, School of Public and International Affairs, Discussion Papers in Economics.
- Krishna, V. & Morgan, J., 1999. "A Model of Expertise," Papers 206, Princeton, Woodrow Wilson School - Public and International Affairs.
- Timothy E. Jares & James E. Larsen & Thomas S. Zorn, 2000. "An Optimal Incentive System For Real Estate Agents," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 49-59.
- David E. M. Sappington, 1991. "Incentives in Principal-Agent Relationships," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 45-66, Spring.
- Merlo, Antonio & Ortalo-Magne, Francois, 2004.
"Bargaining over residential real estate: evidence from England,"
Journal of Urban Economics, Elsevier, vol. 56(2), pages 192-216, September.
- Francois Ortalo-Magne, 2001. "Bargaining over Residential Real Estate: Evidence form England," ERES eres2001_251, European Real Estate Society (ERES).
- Antonio M. Merlo & François Ortalo-Magné, 2002. "Bargaining over Residential Real Estate: Evidence from England," CESifo Working Paper Series 778, CESifo.
- François Ortalo-Magné & Antonio Merlo, 2002. "Bargaining over Residential Real Estate: Evidence from England," Wisconsin-Madison CULER working papers 02-02, University of Wisconsin Center for Urban Land Economic Research.
- Thomas N. Hubbard, 1998. "An Empirical Examination of Moral Hazard in the Vehicle Inspection Market," RAND Journal of Economics, The RAND Corporation, vol. 29(2), pages 406-426, Summer.
- Grossman, Sanford J & Hart, Oliver D, 1983.
"An Analysis of the Principal-Agent Problem,"
Econometrica, Econometric Society, vol. 51(1), pages 7-45, January.
- Sanford Grossman & Oliver Hart, "undated". "An Analysis of the Principal-Agent Problem," Rodney L. White Center for Financial Research Working Papers 15-80, Wharton School Rodney L. White Center for Financial Research.
- Sanford J Grossman & Oliver D Hart, 2001. "An Analysis of the Principal-Agent Problem," Levine's Working Paper Archive 391749000000000339, David K. Levine.
- Karl E. Case & Robert J. Shiller, 1990.
"Forecasting Prices and Excess Returns in the Housing Market,"
Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(3), pages 253-273, September.
- Karl E. Case & Robert J. Shiller, 1990. "Forecasting Prices and Excess Returns in the Housing Market," NBER Working Papers 3368, National Bureau of Economic Research, Inc.
- Jonathan Gruber & Maria Owings, 1996.
"Physician Financial Incentives and Cesarean Section Delivery,"
RAND Journal of Economics, The RAND Corporation, vol. 27(1), pages 99-123, Spring.
- Jonathan Gruber & Maria Owings, 1994. "Physician Financial Incentives and Cesarean Section Delivery," NBER Working Papers 4933, National Bureau of Economic Research, Inc.
- Shaban, Radwan Ali, 1987. "Testing between Competing Models of Sharecropping," Journal of Political Economy, University of Chicago Press, vol. 95(5), pages 893-920, October.
- Chang-Tai Hsieh & Enrico Moretti, 2003.
"Can Free Entry Be Inefficient? Fixed Commissions and Social Waste in the Real Estate Industry,"
Journal of Political Economy, University of Chicago Press, vol. 111(5), pages 1076-1122, October.
- Hsieh, Chang-Tai T & Moretti, Enrico, 2002. "Can Free Entry Be Inefficient? Fixed Commissions and Social Waste in the Real Estate Industry," Department of Economics, Working Paper Series qt7qw5m9kj, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Chang-Tai Hsieh & Enrico Moretti, 2002. "Can Free Entry be Inefficient? Fixed Commissions and Social Waste in the Real Estate Industry," NBER Working Papers 9208, National Bureau of Economic Research, Inc.
- Hubbard, Thomas N, 2002. "How Do Consumers Motivate Experts? Reputational Incentives in an Auto Repair Market," Journal of Law and Economics, University of Chicago Press, vol. 45(2), pages 437-468, October.
- John G. Riley, 2001. "Silver Signals: Twenty-Five Years of Screening and Signaling," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 432-478, June.
- Curtis R. Taylor, 1999. "Time-on-the-Market as a Sign of Quality," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(3), pages 555-578.
- Kennan, John & Wilson, Robert, 1993.
"Bargaining with Private Information,"
Journal of Economic Literature, American Economic Association, vol. 31(1), pages 45-104, March.
- Kennan, J. & Wilson, R., 1991. "Bargaining with Private Information," Working Papers 90-01rev, University of Iowa, Department of Economics.
- Canice Prendergast, 2002. "The Tenuous Trade-off between Risk and Incentives," Journal of Political Economy, University of Chicago Press, vol. 110(5), pages 1071-1102, October.
- Taylor, Curtis R, 1995. "The Economics of Breakdowns, Checkups, and Cures," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 53-74, February.
- Crawford, Vincent P & Sobel, Joel, 1982.
"Strategic Information Transmission,"
Econometrica, Econometric Society, vol. 50(6), pages 1431-1451, November.
- V. Crawford & J. Sobel, 2010. "Strategic Information Transmission," Levine's Working Paper Archive 544, David K. Levine.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Vrinda Kadiyali & Jeffrey Prince & Daniel Simon, 2014. "Is Dual Agency in Real Estate a Cause for Concern?," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 164-195, January.
- Han, Lu & Strange, William C., 2015. "The Microstructure of Housing Markets," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 813-886, Elsevier.
- Martijn Dröes & Philip Koppels & Boris Ziermans, 2017.
"Information Asymmetry, Lease Incentives, and the Role of Advisors in the Market for Commercial Real Estate,"
ERES
eres2017_250, European Real Estate Society (ERES).
- Martijn (M.I.) Droes & Boris Ziermans & Philip Koppels, 2017. "Information Asymmetry, Lease Incentives, and the Role of Advisors in the Market for Commercial Real Estate," Tinbergen Institute Discussion Papers 17-106/IV, Tinbergen Institute.
- Helmut Bester & Daniel Krähmer, 2008.
"Delegation and incentives,"
RAND Journal of Economics, RAND Corporation, vol. 39(3), pages 664-682, September.
- Bester, Helmut & Krähmer, Daniel, 2006. "Delegation and incentives," Discussion Papers 2007/1, Free University Berlin, School of Business & Economics.
- Bester, Helmut & Krähmer, Daniel, 2007. "Delegation and Incentives," CEPR Discussion Papers 6042, C.E.P.R. Discussion Papers.
- Edward Rosenthal, 2011. "A Pricing Model for Residential Homes with Poisson Arrivals and a Sales Deadline," The Journal of Real Estate Finance and Economics, Springer, vol. 42(2), pages 143-161, February.
- Francesca Gino & Lamar Pierce, 2010. "Robin Hood Under the Hood: Wealth-Based Discrimination in Illicit Customer Help," Organization Science, INFORMS, vol. 21(6), pages 1176-1194, December.
- Cherbonnier, Frédéric & Lévêque, Christophe, 2021. "The impact of competition on expert's information disclosure: the case of real estate brokers," TSE Working Papers 21-1255, Toulouse School of Economics (TSE).
- Lamar Pierce & Jason Snyder, 2008. "Ethical Spillovers in Firms: Evidence from Vehicle Emissions Testing," Management Science, INFORMS, vol. 54(11), pages 1891-1903, November.
- Simon Stevenson & James Young, 2015. "The Role of Undisclosed Reserves in English Open Outcry Auctions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(2), pages 375-402, June.
- Merlo, Antonio & Ortalo-Magne, Francois, 2004.
"Bargaining over residential real estate: evidence from England,"
Journal of Urban Economics, Elsevier, vol. 56(2), pages 192-216, September.
- Francois Ortalo-Magne, 2001. "Bargaining over Residential Real Estate: Evidence form England," ERES eres2001_251, European Real Estate Society (ERES).
- Antonio M. Merlo & François Ortalo-Magné, 2002. "Bargaining over Residential Real Estate: Evidence from England," CESifo Working Paper Series 778, CESifo.
- François Ortalo-Magné & Antonio Merlo, 2002. "Bargaining over Residential Real Estate: Evidence from England," Wisconsin-Madison CULER working papers 02-02, University of Wisconsin Center for Urban Land Economic Research.
- Antonio Merlo & François Ortalo-Magné, 2002. "Bargaining over Residential Real Estate: Evidence from England (Third Version)," PIER Working Paper Archive 04-020, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 11 Mar 2004.
- Igal Hendel & Aviv Nevo & François Ortalo-Magné, 2009.
"The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com,"
American Economic Review, American Economic Association, vol. 99(5), pages 1878-1898, December.
- Igal Hendel & Aviv Nevo & François Ortalo-Magné, 2007. "The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com," NBER Working Papers 13360, National Bureau of Economic Research, Inc.
- Francois Ortalo-Magne & Aviv Nevo & Igal Hendel, 2007. "The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com," 2007 Meeting Papers 89, Society for Economic Dynamics.
- Li Hao & Wing Suen, 2009.
"Viewpoint: Decision-making in committees,"
Canadian Journal of Economics, Canadian Economics Association, vol. 42(2), pages 359-392, May.
- Li Hao & Wing Suen, 2009. "Viewpoint: Decision‐making in committees," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 42(2), pages 359-392, May.
- Lamar Pierce & Michael W. Toffel, 2013. "The Role of Organizational Scope and Governance in Strengthening Private Monitoring," Organization Science, INFORMS, vol. 24(5), pages 1558-1584, October.
- Levy, Gilat, 2000.
"Strategic consultation in the presence of career concerns,"
LSE Research Online Documents on Economics
3627, London School of Economics and Political Science, LSE Library.
- Gilat Levy, 2000. "Strategic Consultation in the Presence of Career Concerns," STICERD - Theoretical Economics Paper Series 404, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Groll, Thomas & Ellis, Christopher J., 2014.
"A simple model of the commercial lobbying industry,"
European Economic Review, Elsevier, vol. 70(C), pages 299-316.
- Groll, Thomas & Ellis, Christopher J., 2012. "A Simple Model of the Commercial Lobbying Industry," MPRA Paper 36168, University Library of Munich, Germany.
- Thomas Groll & Christopher J. Ellis, 2013. "A Simple Model of the Commercial Lobbying Industry," CESifo Working Paper Series 4110, CESifo.
- Bian, Xun & Waller, Bennie D. & Turnbull, Geoffrey K. & Wentland, Scott A., 2015. "How many listings are too many? Agent inventory externalities and the residential housing market," Journal of Housing Economics, Elsevier, vol. 28(C), pages 130-143.
- Dulleck, Uwe & Rudolf, Kerschbamer & Matthias, Sutter, 2009.
"The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition,"
Working Papers in Economics
348, University of Gothenburg, Department of Economics.
- Dulleck, Uwe & Kerschbamer, Rudolf & Sutter, Matthias, 2009. "The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition," IZA Discussion Papers 4030, Institute of Labor Economics (IZA).
- Uwe Dulleck & Rudolf Kerschbamer & Matthias Sutter, 2009. "The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition," NCER Working Paper Series 42, National Centre for Econometric Research.
- Uwe Dulleck & Rudolf Kerschbamer & Matthias Sutter, 2009. "The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition," Working Papers 2009-03, Faculty of Economics and Statistics, Universität Innsbruck.
- Daniel Broxterman & Tingyu Zhou, 2023. "Information Frictions in Real Estate Markets: Recent Evidence and Issues," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 203-298, February.
- Hazer Inaltekin & Robert Jarrow & Mehmet Saglam & Yildiray Yildirim, 2009. "Housing Market Microstructure," Papers 0907.1853, arXiv.org.
More about this item
JEL classification:
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
- L8 - Industrial Organization - - Industry Studies: Services
- R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
NEP fields
This paper has been announced in the following NEP Reports:- NEP-COM-2005-01-23 (Industrial Competition)
- NEP-GEO-2005-01-23 (Economic Geography)
- NEP-MIC-2005-01-23 (Microeconomics)
- NEP-URE-2005-01-23 (Urban and Real Estate Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:11053. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.