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Information Costs and the Organization of the Real Estate Brokerage Industry in the U.S. and Great Britain

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  • Thomas J. Miceli

Abstract

This paper examines the differing organizations of the residential real estate brokerage industry in the U.S. and Great Britain, and argues that they may be interpreted as alternative solutions to a common set of informational problems. Of particular interest is why the multiple listing service — an arrangement whereby brokers share market information in an effort to exploit the public‐good nature of information — is so pervasive in the United States, but is largely absent in Great Britain. Some possible reasons are found in the differing histories of the parent housing markets, as well as other institutional differences.

Suggested Citation

  • Thomas J. Miceli, 1988. "Information Costs and the Organization of the Real Estate Brokerage Industry in the U.S. and Great Britain," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(2), pages 173-188, June.
    • Handle: RePEc:bla:reesec:v:16:y:1988:i:2:p:173-188
    DOI: 10.1111/1540-6229.00453
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    Cited by:

    1. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "Real Estate Brokerage and the Hosting Market: An Annotated Bibliography," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 217-278.
    2. Thomas Miceli & Katherine A. Pancak & C. F. Sirmans, 2000. "Restructuring Agency Relationships in the Real Estate Brokerage Industry: An Economic Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 31-47.
    3. Thomas J. Miceli, 1989. "The Optimal Duration of Real Estate Listing Contracts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(3), pages 267-277, September.
    4. Manya M. Mooya, 2009. "Market Value without a Market: Perspectives from Transaction Cost Theory," Urban Studies, Urban Studies Journal Limited, vol. 46(3), pages 687-701, March.
    5. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "What Do We Know About Real Estate Brokerage?," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 5-30.
    6. Pat Wilson & Wayne Dwyer, 1993. "In Shared Information Services is Size Important?," Working Paper Series 24, Finance Discipline Group, UTS Business School, University of Technology, Sydney.

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