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. DOI https://doi.org/10.1111/j.1468-2354.2007.00440.x
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. DOI https://doi.org/10.1111/j.1468-2354.2007.00440.x
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. DOI https://doi.org/10.1111/j.1468-2354.2007.00440.x
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: | Unnamed user with email elements@essex.ac.uk |
| Depositing User: | Unnamed user with email elements@essex.ac.uk |
| Date Deposited: | 29 Jun 2012 20:10 |
| Last Modified: | 06 Dec 2024 14:20 |
| URI: | http://repository.essex.ac.uk/id/eprint/2675 |