Albrecht, J and Anderson, A and Smith, E and Vroman, S (2007) 'Opportunistic Matching In The Housing Market.' International Economic Review, 48 (2). pp. 641-664. ISSN 0020-6598

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Abstract

We construct a model of the housing market in which agents differ in their flow values while searching. Agents enter the market relaxed (with high flow values) but move to a desperate state (low flow values) at a Poisson rate if they have not already transacted. We characterize the equilibrium steady-state matching pattern and the joint distribution of price and time to sale (for sellers). The expected price conditional on time to sale falls with time spent on the market, whereas the conditional variance of price first rises and then falls with time on the market.

Item Type:	Article
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences Faculty of Social Sciences > Economics, Department of
SWORD Depositor:	Elements
Depositing User:	Elements
Date Deposited:	29 Jun 2012 20:10
Last Modified:	06 Jan 2022 13:30
URI:	http://repository.essex.ac.uk/id/eprint/2675

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