Auctions versus Negotiated Sale: Evidence from Real Estate Sales
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.
|Date of creation:|
|Date of revision:|
|Contact details of provider:|| Postal: Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213-3890|
Web page: http://www.tepper.cmu.edu/
|Order Information:||Web: http://student-3k.tepper.cmu.edu/gsiadoc/GSIA_WP.asp|
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.:
- Atila Abdulkadiroglu & Parag A. Pathak & Alvin E. Roth & Tayfun Sönmez, 2006.
"Changing the Boston School Choice Mechanism,"
Boston College Working Papers in Economics
639, Boston College Department of Economics.
- Atila Abdulkadiroglu & Parag Pathak & Alvin E. Roth & Tayfun Sonmez, 2006. "Changing the Boston School Choice Mechanism," NBER Working Papers 11965, National Bureau of Economic Research, Inc.
- 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.
- Tadenuma, Koichi & Thomson, William, 1991. "No-Envy and Consistency in Economies with Indivisible Goods," Econometrica, Econometric Society, vol. 59(6), pages 1755-67, November.
- David Card & Jesse Rothstein, 2006.
"Racial Segregation and the Black-White Test Score Gap,"
NBER Working Papers
12078, National Bureau of Economic Research, Inc.
- Card, David & Rothstein, Jesse, 2007. "Racial segregation and the black-white test score gap," Journal of Public Economics, Elsevier, vol. 91(11-12), pages 2158-2184, December.
- 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..
- David Card & Jesse Rothstein, 2006. "Racial Segregation and the Black-White Test Score Gap," Working Papers 12a, Princeton University, Woodrow Wilson School of Public and International Affairs, Education Research Section..
- David Card & Jesse Rothstein, 2005. "Racial Segregation and the Black-White Test Score Gap," Working Papers 879, Princeton University, Department of Economics, Industrial Relations Section..
- SÃ¶nmez, Tayfun & Pathak, Parag A. & Abdulkadiroglu, Atila & Roth, Alvin, 2005.
"The Boston Public School Match,"
2562764, Harvard University Department of Economics.
- Ruth Mart?ez & Jordi MassóAuthor-Email: firstname.lastname@example.org & Alejandro Neme & Jorge Oviedo, 2003.
"On group strategy-proof mechanisms for a many-to-one matching model,"
UFAE and IAE Working Papers
577.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Ruth Martínez & Jordi Massó & Alejdanro Neme & Jorge Oviedo, 2004. "On group strategy-proof mechanisms for a many-to-one matching model," International Journal of Game Theory, Springer, vol. 33(1), pages 115-128, January.
- EHLERS, Lars, 2010.
"School Choice with Control,"
Cahiers de recherche
13-2010, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- 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.
- Balinski, Michel & Sonmez, Tayfun, 1999. "A Tale of Two Mechanisms: Student Placement," Journal of Economic Theory, Elsevier, vol. 84(1), pages 73-94, January.
- Aytek Erdil & Haluk Ergin, 2008.
"What's the Matter with Tie-Breaking? Improving Efficiency in School Choice,"
American Economic Review,
American Economic Association, vol. 98(3), pages 669-89, June.
- 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.
- repec:clu:wpaper:0203-18 is not listed on IDEAS
- Alcalde, Jose & Romero-Medina, Antonio, 2011. "Re-Reforming the Bostonian System: A Novel Approach to the Schooling Problem," MPRA Paper 28206, University Library of Munich, Germany.
When requesting a correction, please mention this item's handle: RePEc:cmu:gsiawp:1651563260. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Steve Spear)
If references are entirely missing, you can add them using this form.