The economics of real estate brokerage and contracts |
Posted on:2010-06-21 | Degree:Ph.D | Type:Dissertation |
University:University of California, San Diego | Candidate:Wignall, Christopher David | Full Text:PDF |
GTID:1449390002482806 | Subject:Economics |
Abstract/Summary: | |
This dissertation collects research on real estate brokerage and contract theory that was completed while the author was a student at the University of California, San Diego.;Chapter 1 presents an empirical analysis of the role of social networks in economic decision-making. Specifically, it is demonstrated that individuals are likely to choose the same real estate agent as a peer who is in the same social network. Evidence is presented that the social influence comes through peer-to-peer communication.;Chapter 2 offers a simple model of hold-up in a contracting environment where the contracted trade retains its value indefinitely. A simple option contract has both an efficient and an inefficient hold-up equilibrium. More complicated contracts can uniquely implement any efficient outcome.;Chapter 3 investigates whether entry into the real estate brokerage industry is inefficiently high. Previous research on this topic suffers from restrictive data. Use of data from a multiple listing service allows for heterogeneity between agents and addresses the omitted variable problem. |
Keywords/Search Tags: | Real estate brokerage |
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