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Auctions versus Negotiated Sale: Evidence from Real Estate Sales

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  • YuenLeng Chow
  • Isa Hafalir
  • Abdullah Yavas

Abstract

We offer a theoretical and empirical comparison of auctions and negotiated sales. We first build a simple model to show that auctions generate a higher relative price than negotiated sales when demand for the asset is strong, when the asset is more homogeneous, and when the asset attracts buyers with higher valuations. Using data from property sales in Singapore, we find support for our theoretical predictions that the auction mechanism obtains a higher relative price in an “up market” than in a flat or down market, in the high-end segment of the property market, and for relatively homogeneous properties than heterogeneous properties.

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Bibliographic Info

Paper provided by Carnegie Mellon University, Tepper School of Business in its series GSIA Working Papers with number 2012-E22.

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Handle: RePEc:cmu:gsiawp:1651563260

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Postal: Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213-3890
Web page: http://www.tepper.cmu.edu/

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Web: http://student-3k.tepper.cmu.edu/gsiadoc/GSIA_WP.asp

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  1. Atila Abdulkadiroglu & Tayfun Sönmez, 2003. "School Choice: A Mechanism Design Approach," American Economic Review, American Economic Association, vol. 93(3), pages 729-747, June.
  2. Atila Abdulkadiroglu & Parag A. Pathak & Alvin E. Roth & Tayfun Sönmez, 2006. "Changing the Boston School Choice Mechanism," Levine's Bibliography 122247000000001022, UCLA Department of Economics.
  3. Sönmez, Tayfun & Pathak, Parag A. & Abdulkadiroglu, Atila & Roth, Alvin, 2005. "The Boston Public School Match," Scholarly Articles 2562764, Harvard University Department of Economics.
  4. Aytek Erdil & Haluk Ergin, 2007. "What`s the Matter with Tie-breaking? Improving Efficiency in School Choice," Economics Series Working Papers 349, University of Oxford, Department of Economics.
  5. Balinski, Michel & Sonmez, Tayfun, 1999. "A Tale of Two Mechanisms: Student Placement," Journal of Economic Theory, Elsevier, vol. 84(1), pages 73-94, January.
  6. Alcalde, José & Romero-Medina, Antonio, 2011. "Fair School Placement," QM&ET Working Papers 11-1, Universidad de Alicante, Departamento de Métodos Cuantitativos y Teoría Económica.
  7. EHLERS, Lars, 2010. "School Choice with Control," Cahiers de recherche 13-2010, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  8. David Card & Jesse Rothstein, 2005. "Racial Segregation and the Black-White Test Score Gap," Working Papers 93, Princeton University, Department of Economics, Center for Economic Policy Studies..
  9. Tadenuma, Koichi & Thomson, William, 1991. "No-Envy and Consistency in Economies with Indivisible Goods," Econometrica, Econometric Society, vol. 59(6), pages 1755-67, November.
  10. Federico Echenique & Roland G. Fryer Jr & Alex Kaufman, 2006. "Is School Segregation Good or Bad?," American Economic Review, American Economic Association, vol. 96(2), pages 265-269, May.
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