Real Estate Agents, House Prices, and Liquidity

被引：0
|
作者：
Henry J. Munneke
Joseph T. L. Ooi
C. F. Sirmans
Geoffrey K. Turnbull
机构：
[1] University of Georgia,Department of Ins/LS/RE
[2] National University of Singapore,Department of Real Estate
[3] Florida State University,Department of Risk Mgt/Insurance, Real Estate, and Business Law
[4] University of Central Florida,Dr. P. Phillips School of Real Estate
来源：
The Journal of Real Estate Finance and Economics | 2015年 / 50卷
关键词：
Real estate agents; House prices; Liquidity; Moral hazard;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
Comparing agent-owner with agent-represented home sales illustrates that commission contracts lead to external agent moral hazard. Real estate developers are sophisticated sellers who can either use external agents or hire internal agents. The theory shows that neither scheme eliminates agent moral hazard. The empirical study of how the seller-agent relationship affects both price and liquidity in a simultaneous system concludes that external agents enjoy superior selling ability that offset moral hazard effects.
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页码：1 / 33
页数：32
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