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A case for percentage commission contracts: the impact of a ìraceî among agents?

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  • Abdullah Yavas
  • Lynn Fisher

Abstract

[abstract missing - contribution appeared in the programme]

Suggested Citation

  • Abdullah Yavas & Lynn Fisher, 2004. "A case for percentage commission contracts: the impact of a ìraceî among agents?," ERES eres2004_500, European Real Estate Society (ERES).
  • Handle: RePEc:arz:wpaper:eres2004_500
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2004-500
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    References listed on IDEAS

    as
    1. Steven D. Levitt & Chad Syverson, 2008. "Market Distortions When Agents Are Better Informed: The Value of Information in Real Estate Transactions," The Review of Economics and Statistics, MIT Press, vol. 90(4), pages 599-611, November.
    2. Williams, Joseph T, 1998. "Agency and Brokerage of Real Assets in Competitive Equilibrium," Review of Financial Studies, Society for Financial Studies, vol. 11(2), pages 239-280.
    3. Thomas S. Zorn & James E. Larsen, 1986. "The Incentive Effects of Flat‐Fee and Percentage Commissions for Real Estate Brokers," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(1), pages 24-47, March.
    4. Paul Anglin & Richard Arnott, 1999. "Are Brokers' Commission Rates on Home Sales Too High? A Conceptual Analysis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(4), pages 719-749, December.
    5. Rutherford, R.C. & Springer, T.M. & Yavas, A., 2005. "Conflicts between principals and agents: evidence from residential brokerage," Journal of Financial Economics, Elsevier, vol. 76(3), pages 627-665, June.
    6. Yavas Abdullah, 1995. "Can Brokerage Have an Equilibrium Selection Role?," Journal of Urban Economics, Elsevier, vol. 37(1), pages 17-37, January.
    7. Anglin, Paul M & Arnott, Richard, 1991. "Residential Real Estate Brokerage as a Principal-Agent Problem," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 99-125, June.
    8. Yavas, Abdullah & Colwell, Peter, 1999. "Buyer Brokerage: Incentive and Efficiency Implications," The Journal of Real Estate Finance and Economics, Springer, vol. 18(3), pages 259-277, May.
    9. Anglin, Paul M, 1994. "Contracts for the Sale of Residential Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 8(3), pages 195-211, May.
    10. Mortensen, Dale T, 1982. "Property Rights and Efficiency in Mating, Racing, and Related Games," American Economic Review, American Economic Association, vol. 72(5), pages 968-979, December.
    11. Yavas, Abdullah, 1995. "Seller-Broker Relationship as a Double Moral Hazard Problem," Journal of Housing Economics, Elsevier, vol. 4(3), pages 244-263, September.
    12. Thomas J. Miceli, 1991. "The Multiple Listing Service, Commission Splits, and Broker Effort," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(4), pages 548-566, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Zhaohui Li & Qiang Li & Hua Sun & Li Sun, 2022. "Diffused effort, asset heterogeneity, and real estate brokerage," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(3), pages 707-742, September.
    2. H Peyton Young, 2014. "The Evolution of Social Norms," Economics Series Working Papers 726, University of Oxford, Department of Economics.
    3. Jia Xie, 2022. "Importance of Professional Networks in Trade: Evidence from Real Estate Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(3), pages 882-900, September.
    4. Xun Bian & Bennie D. Waller & Abdullah Yavas, 2017. "Commission Splits in Real Estate Transactions," The Journal of Real Estate Finance and Economics, Springer, vol. 54(2), pages 165-187, February.
    5. Thomas J. Emmerling & Abdullah Yavas & Yildiray Yildirim, 2021. "To accept or not to accept: Optimal strategy for sellers in real estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(S1), pages 268-296, March.
    6. Ronald Rutherford & Thomas Springer & Abdullah Yavas, 2007. "Evidence of Information Asymmetries in the Market for Residential Condominiums," The Journal of Real Estate Finance and Economics, Springer, vol. 35(1), pages 23-38, July.
    7. Ying Li & Abdullah Yavas, 2015. "Residential Brokerage in Hot and Cold Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 51(1), pages 1-21, July.
    8. Daniel Broxterman & Tingyu Zhou, 2023. "Information Frictions in Real Estate Markets: Recent Evidence and Issues," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 203-298, February.
    9. Oz Shy, 2012. "Real Estate Brokers and Commission: Theory and Calibrations," The Journal of Real Estate Finance and Economics, Springer, vol. 45(4), pages 982-1004, November.
    10. Han, Lu & Strange, William C., 2015. "The Microstructure of Housing Markets," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 813-886, Elsevier.
    11. Peng Liu & Jia Xie, 2021. "Optimal Contract Design in Residential Brokerage," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(2), pages 493-530, June.
    12. Ingersoll, William Robert & Roomets, Alex, 2020. "Bargaining with a partially-incentivized agent," Journal of Economic Behavior & Organization, Elsevier, vol. 171(C), pages 96-115.
    13. Abdullah Yavas, 2007. "Introduction: Real Estate Brokerage," The Journal of Real Estate Finance and Economics, Springer, vol. 35(1), pages 1-5, July.
    14. Lingxiao Li & Abdullah Yavas, 2015. "The Impact of a Multiple Listing Service," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(2), pages 471-506, June.
    15. Jonathan Wiley & Justin Benefield & Marcus Allen, 2014. "Cyclical Determinants of Brokerage Commission Rates," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 196-219, January.
    16. David Scofield & Jia Xie, 2023. "Network Formation and Effects: Observations from U.S. Commercial Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 487-504, February.

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    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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