An empirical model of the market for resale homes |
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| Authors: | Peter T Chinloy |
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| Institution: | Department of Economics, University of British Columbia, Vancouver, British Columbia V6T 1W5, Canada |
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| Abstract: | A model of the search process for a house is formulated, where both buyers and sellers are permitted adaptively to alter reservation prices. Houses on the market in a given period are sold or withdrawn or search for a buyer is continued. The empirical predictions are examined for single-family residential homes. |
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