This paper presents and investigates a new data set of individual residential property transactions in England. The main novelty of the data is the record of all listing price changes and all offers made on a property, as well as all the visits by potential buyers for a subset of the properties. We analyze individual seller and potential buyers behavior within property transaction histories. This leads us to establish a number of stylized facts pertaining specifically to the timing and terms of agreement in housing transactions, and more generally, to the sequence of events that occur from initial listing to sale agreement. We assess the limitations of existing theories in explaining the data and propose an alternative theoretical framework for the study of the strategic interactions between buyers and sellers that is consistent with the empirical evidence.
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Paper provided by CESifo GmbH in its series CESifo Working Paper Series with number
CESifo Working Paper No. 778.
Find related papers by JEL classification: D40 - Microeconomics - - Market Structure and Pricing - - - General L00 - Industrial Organization - - General - - - General R00 - Urban, Rural, and Regional Economics - - General - - - General
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Chen, Yongmin & Rosenthal, Robert W, 1996.
"Asking Prices as Commitment Devices,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(1), pages 129-55, February.
Other versions:
Lawrence M. Ausubel & Peter Cramton & Raymond J. Deneckere, 2002.
"Bargaining with Incomplete Information,"
Papers of Peter Cramton
02barg, University of Maryland, Department of Economics - Peter Cramton, revised 12 Mar 2001.
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