The Costs of Free Entry: An Empirical Study of Real Estate Agents in Greater Boston
Author
Abstract
Suggested Citation
Note: IO PE
Download full text from publisher
Other versions of this item:
- Panle Jia Barwick & Parag A. Pathak, 2015. "The costs of free entry: an empirical study of real estate agents in Greater Boston," RAND Journal of Economics, RAND Corporation, vol. 46(1), pages 103-145, March.
References listed on IDEAS
- 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.
- Steven D. Levitt & Chad Syverson, 2005. "Market Distortions when Agents are Better Informed: The Value of Information in Real Estate Transactions," NBER Working Papers 11053, National Bureau of Economic Research, Inc.
- Igal Hendel & Aviv Nevo, 2006.
"Measuring the Implications of Sales and Consumer Inventory Behavior,"
Econometrica, Econometric Society, vol. 74(6), pages 1637-1673, November.
- Igal Hendel & Aviv Nevo, 2005. "Measuring the Implications of Sales and Consumer Inventory Behavior," NBER Working Papers 11307, National Bureau of Economic Research, Inc.
- John Kennan & James R. Walker, 2011.
"The Effect of Expected Income on Individual Migration Decisions,"
Econometrica, Econometric Society, vol. 79(1), pages 211-251, January.
- John Kennan & James R. Walker, 2003. "The Effect of Expected Income on Individual Migration Decisions," NBER Working Papers 9585, National Bureau of Economic Research, Inc.
- Kennan,J. & Walker,J.R., 2003. "The effect of expected income on individual migration decisions," Working papers 7, Wisconsin Madison - Social Systems.
- Patrick Bajari & C. Lanier Benkard & Jonathan Levin, 2007.
"Estimating Dynamic Models of Imperfect Competition,"
Econometrica, Econometric Society, vol. 75(5), pages 1331-1370, September.
- J. Levin & P. Bajari, 2004. "Estimating Dynamic Models of Imperfect Competition," 2004 Meeting Papers 579, Society for Economic Dynamics.
- Jonathan Levin (Stanford University) & Pat Bajari & Lanier Benkard, 2004. "Estimating Dynamic Models of Imperfect Competition," Econometric Society 2004 North American Winter Meetings 627, Econometric Society.
- Bajari, Patrick & Benkard, C. Lanier & Levin, Jonathan, 2007. "Estimating Dynamic Models of Imperfect Competition," Research Papers 1852r1, Stanford University, Graduate School of Business.
- Patrick Bajari & C. Lanier Benkard & Jonathan Levin, 2004. "Estimating Dynamic Models of Imperfect Competition," NBER Working Papers 10450, National Bureau of Economic Research, Inc.
- Victor Aguirregabiria & Victor Aguirregabiria & Aviv Nevo & Aviv Nevo, 2010.
"Recent Developments in Empirical IO: Dynamic Demand and Dynamic Games,"
Working Papers
tecipa-419, University of Toronto, Department of Economics.
- Aguirregabiria, Victor & Nevo, Aviv, 2010. "Recent developments in empirical IO: dynamic demand and dynamic games," MPRA Paper 27814, University Library of Munich, Germany.
- Jean-Pierre H. Dubé & Jeremy T. Fox & Che-Lin Su, 2009. "Improving the Numerical Performance of BLP Static and Dynamic Discrete Choice Random Coefficients Demand Estimation," NBER Working Papers 14991, National Bureau of Economic Research, Inc.
- Che‐Lin Su & Kenneth L. Judd, 2012.
"Constrained Optimization Approaches to Estimation of Structural Models,"
Econometrica, Econometric Society, vol. 80(5), pages 2213-2230, September.
- Che-Lin Su & Kenneth L. Judd, 2008. "Constrainted Optimization Approaches to Estimation of Structural Models," Discussion Papers 1460, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- V. Joseph Hotz & Robert A. Miller, 1993.
"Conditional Choice Probabilities and the Estimation of Dynamic Models,"
Review of Economic Studies, Oxford University Press, vol. 60(3), pages 497-529.
- Hotz, V.J. & Miller, R.A., 1991. "Conditional Choice Probabilities and the Estimation of Dynamic Models," GSIA Working Papers 1992-12, Carnegie Mellon University, Tepper School of Business.
- V. Joseph Hotz & Robert A. Miller, 1992. "Conditional Choice Probabilities and the Estimation of Dynamic Models," Working Papers 9202, Harris School of Public Policy Studies, University of Chicago.
- Vivek Farias & Denis Saure & Gabriel Y. Weintraub, 2012. "An approximate dynamic programming approach to solving dynamic oligopoly models," RAND Journal of Economics, RAND Corporation, vol. 43(2), pages 253-282, June.
- Keane, Michael P & Wolpin, Kenneth I, 1994.
"The Solution and Estimation of Discrete Choice Dynamic Programming Models by Simulation and Interpolation: Monte Carlo Evidence,"
The Review of Economics and Statistics, MIT Press, vol. 76(4), pages 648-672, November.
- Michael P. Keane & Kenneth I. Wolpin, 1994. "The solution and estimation of discrete choice dynamic programming models by simulation and interpolation: Monte Carlo evidence," Staff Report 181, Federal Reserve Bank of Minneapolis.
- Patrick Bayer & Robert McMillan & Alvin Murphy & Christopher Timmins, 2011.
"A Dynamic Model of Demand for Houses and Neighborhoods,"
Working Papers
11-16, Duke University, Department of Economics.
- Patrick J. Bayer & Robert McMillan & Alvin Murphy & Christopher Timmins, 2011. "A Dynamic Model of Demand for Houses and Neighborhoods," Levine's Working Paper Archive 786969000000000213, David K. Levine.
- Patrick Bayer & Robert McMillan & Alvin Murphy & Christopher Timmins, 2011. "A Dynamic Model of Demand for Houses and Neighborhoods," NBER Working Papers 17250, National Bureau of Economic Research, Inc.
- Igal Hendel & Aviv Nevo & François Ortalo-Magné, 2009.
"The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com,"
American Economic Review, American Economic Association, vol. 99(5), pages 1878-1898, December.
- Igal Hendel & Aviv Nevo & François Ortalo-Magné, 2007. "The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com," NBER Working Papers 13360, National Bureau of Economic Research, Inc.
- Francois Ortalo-Magne & Aviv Nevo & Igal Hendel, 2007. "The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com," 2007 Meeting Papers 89, Society for Economic Dynamics.
- Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Daniel Yi Xu, 2013.
"Entry, exit, and the determinants of market structure,"
RAND Journal of Economics, RAND Corporation, vol. 44(3), pages 462-487, September.
- Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Daniel Yi Xu, 2009. "Entry, exit and the determinants of market structure," Working Papers (Old Series) 0907, Federal Reserve Bank of Cleveland.
- Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Daniel Yi Xu, 2009. "Entry, Exit, and the Determinants of Market Structure," NBER Working Papers 15313, National Bureau of Economic Research, Inc.
- Timothy Dunne & Shawn Klimek & Mark Roberts & Daniel Yi Xu, 2009. "Entry, Exit, and the Determinants of Market Structure," Working Papers 09-23, Center for Economic Studies, U.S. Census Bureau.
- 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.
- Richard Ericson & Ariel Pakes, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," Review of Economic Studies, Oxford University Press, vol. 62(1), pages 53-82.
- Michael P. Keane & Kenneth I. Wolpin, 2009. "Empirical Applications of Discrete Choice Dynamic Programming Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(1), pages 1-22, January.
- Chang-Tai Hsieh & Enrico Moretti, 2003.
"Can Free Entry Be Inefficient? Fixed Commissions and Social Waste in the Real Estate Industry,"
Journal of Political Economy, University of Chicago Press, vol. 111(5), pages 1076-1122, October.
- Chang-Tai Hsieh & Enrico Moretti, 2002. "Can Free Entry be Inefficient? Fixed Commissions and Social Waste in the Real Estate Industry," NBER Working Papers 9208, National Bureau of Economic Research, Inc.
- Steven T. Berry & Joel Waldfogel, 1999.
"Free Entry and Social Inefficiency in Radio Broadcasting,"
RAND Journal of Economics, The RAND Corporation, vol. 30(3), pages 397-420, Autumn.
- Steven Berry & Joel Waldfogel, 1996. "Free Entry and Social Inefficiency in Radio Broadcasting," NBER Working Papers 5528, National Bureau of Economic Research, Inc.
- Panle Jia & Parag A. Pathak, 2010. "The Impact of Commissions on Home Sales in Greater Boston," American Economic Review, American Economic Association, vol. 100(2), pages 475-479, May.
- Han, Lu & Hong, Seung-Hyun, 2011.
"Testing Cost Inefficiency Under Free Entry in the Real Estate Brokerage Industry,"
Journal of Business & Economic Statistics, American Statistical Association, vol. 29(4), pages 564-578.
- Lu Han & Seung-Hyun Hong, 2011. "Testing Cost Inefficiency Under Free Entry in the Real Estate Brokerage Industry," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 29(4), pages 564-578, October.
- Peter Arcidiacono & Robert A. Miller, 2011. "Conditional Choice Probability Estimation of Dynamic Discrete Choice Models With Unobserved Heterogeneity," Econometrica, Econometric Society, vol. 79(6), pages 1823-1867, November.
- Chunrong Ai & Xiaohong Chen, 2003. "Efficient Estimation of Models with Conditional Moment Restrictions Containing Unknown Functions," Econometrica, Econometric Society, vol. 71(6), pages 1795-1843, November.
- Xiaohong Chen & Demian Pouzo, 2012.
"Estimation of Nonparametric Conditional Moment Models With Possibly Nonsmooth Generalized Residuals,"
Econometrica, Econometric Society, vol. 80(1), pages 277-321, January.
- Xiaohong Chen & Demian Pouzo, 2008. "Estimation of Nonparametric Conditional Moment Models With Possibly Nonsmooth Generalized Residuals," Cowles Foundation Discussion Papers 1650R, Cowles Foundation for Research in Economics, Yale University, revised Jul 2009.
- Xiaohong Chen & Demian Pouzo, 2008. "Estimation of Nonparametric Conditional Moment Models With Possibly Nonsmooth Generalized Residuals," Cowles Foundation Discussion Papers 1650RR, Cowles Foundation for Research in Economics, Yale University, revised Jan 2011.
- Susumu Imai & Neelam Jain & Andrew Ching, 2009.
"Bayesian Estimation of Dynamic Discrete Choice Models,"
Econometrica, Econometric Society, vol. 77(6), pages 1865-1899, November.
- Susumu Imai & Neelam Jain, 2005. "Bayesian Estimation of Dynamic Discrete Choice Models," 2005 Meeting Papers 432, Society for Economic Dynamics.
- Andrew Ching & Susumu Imai & Neelam Jain, 2006. "Bayesian Estimation Of Dynamic Discrete Choice Models," Working Paper 1118, Economics Department, Queen's University.
- Peter Arcidiacono & Patrick Bayer & Federico Bugni & Jon James, 2012.
"Approximating High-Dimensional Dynamic Models: Sieve Value Function Iteration,"
Working Papers
12-07, Duke University, Department of Economics.
- Peter Arcidiacono & Patrick Bayer & Federico A. Bugni & Jonathan James, 2012. "Approximating High-Dimensional Dynamic Models: Sieve Value Function Iteration," NBER Working Papers 17890, National Bureau of Economic Research, Inc.
- Patrick Bayer & Federico A. Bugni & Jonathan James, 2012. "Approximating high-dimensional dynamic models: sieve value function iteration," Working Papers (Old Series) 1210, Federal Reserve Bank of Cleveland.
- John Rust, 1997.
"Using Randomization to Break the Curse of Dimensionality,"
Econometrica, Econometric Society, vol. 65(3), pages 487-516, May.
- John Rust & Department of Economics & University of Wisconsin, 1994. "Using Randomization to Break the Curse of Dimensionality," Computational Economics 9403001, University Library of Munich, Germany, revised 19 Nov 1996.
- Rust, J., 1994. "Using Randomization to Break the Curse of Dimensionality," Working papers 9429, Wisconsin Madison - Social Systems.
- Allan Collard‐Wexler, 2013. "Demand Fluctuations in the Ready‐Mix Concrete Industry," Econometrica, Econometric Society, vol. 81(3), pages 1003-1037, May.
- Stephen P. Ryan, 2012.
"The Costs of Environmental Regulation in a Concentrated Industry,"
Econometrica, Econometric Society, vol. 80(3), pages 1019-1061, May.
- Stephen Ryan, 2005. "The Costs of Environmental Regulation in a Concentrated Industry," Working Papers 0510, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
- Stephen Ryan, 2006. "The Costs of Environmental Regulation in a Concentrated Industry," 2006 Meeting Papers 9, Society for Economic Dynamics.
- Stephen P. Ryan & Mar Reguant & Meredith Fowlie, 2011. "Pollution Permits and the Evolution of Market Structure," 2011 Meeting Papers 1440, Society for Economic Dynamics.
- Berry, Steven & Levinsohn, James & Pakes, Ariel, 1995. "Automobile Prices in Market Equilibrium," Econometrica, Econometric Society, vol. 63(4), pages 841-890, July.
- Patrick Bayer & Robert McMillan & Alvin Murphy & Christopher Timmins, 2016.
"A Dynamic Model of Demand for Houses and Neighborhoods,"
Econometrica, Econometric Society, vol. 84, pages 893-942, May.
- Patrick Bayer & Robert McMillan & Alvin Murphy & Christopher Timmins, 2011. "A Dynamic Model of Demand for Houses and Neighborhoods," NBER Working Papers 17250, National Bureau of Economic Research, Inc.
- Vrinda Kadiyali & Jeffrey T. Prince & Daniel H. Simon, 2009. "Is Dual Agency in Real Estate Transactions a Cause for Concern?," Working Papers 2010-12, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
- Victor Aguirregabiria & Pedro Mira, 2007.
"Sequential Estimation of Dynamic Discrete Games,"
Econometrica, Econometric Society, vol. 75(1), pages 1-53, January.
- Victor Aguirregabiria & Pedro Mira, 2004. "Sequential Estimation of Dynamic Discrete Games," Industrial Organization 0406006, University Library of Munich, Germany.
- Víctor Aguirregabiria & Pedro Mira, 2004. "Sequential Estimation of Dynamic Discrete Games," Working Papers wp2004_0413, CEMFI.
- Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Daniel Yi Xu, 2013.
"Entry, exit, and the determinants of market structure,"
RAND Journal of Economics, RAND Corporation, vol. 44(3), pages 462-487, September.
- Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Daniel Yi Xu, 2009. "Entry, exit and the determinants of market structure," Working Papers (Old Series) 0907, Federal Reserve Bank of Cleveland, revised 2009.
- Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Daniel Yi Xu, 2013. "Entry, exit, and the determinants of market structure," FRB Atlanta Working Paper 2013-10, Federal Reserve Bank of Atlanta.
- Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Daniel Yi Xu, 2009. "Entry, Exit, and the Determinants of Market Structure," NBER Working Papers 15313, National Bureau of Economic Research, Inc.
- Timothy Dunne & Shawn Klimek & Mark Roberts & Daniel Yi Xu, 2009. "Entry, Exit, and the Determinants of Market Structure," Working Papers 09-23, Center for Economic Studies, U.S. Census Bureau.
- Katja Seim, 2006. "An empirical model of firm entry with endogenous product‐type choices," RAND Journal of Economics, RAND Corporation, vol. 37(3), pages 619-640, September.
- Andriy Norets, 2009. "Inference in Dynamic Discrete Choice Models With Serially orrelated Unobserved State Variables," Econometrica, Econometric Society, vol. 77(5), pages 1665-1682, September.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Victor Aguirregabiria & Mathieu Marcoux, 2019.
"Imposing equilibrium restrictions in the estimation of dynamic discrete games,"
Working Papers
tecipa-646, University of Toronto, Department of Economics.
- Victor Aguirregabiria & Mathieu Marcoux, 2019. "Imposing equilibrium restrictions in the estimation of dynamic discrete games," Cahiers de recherche 2019-08, Universite de Montreal, Departement de sciences economiques.
- Victor Aguirregabiria & Mathieu Marcoux, 2019. "Imposing Equilibrium Restrictions in the Estimation of Dynamic Discrete Games," Cahiers de recherche 10-2019, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Aguirregabiria, Victor & Marcoux, Mathieu, 2019. "Imposing Equilibrium Restrictions in the Estimation of Dynamic Discrete Games," CEPR Discussion Papers 14007, C.E.P.R. Discussion Papers.
- Fahim Ullah & Samad M. E. Sepasgozar, 2020. "Key Factors Influencing Purchase or Rent Decisions in Smart Real Estate Investments: A System Dynamics Approach Using Online Forum Thread Data," Sustainability, MDPI, Open Access Journal, vol. 12(11), pages 1-1, May.
- Panle Jia Barwick & Parag A. Pathak & Maisy Wong, 2015. "Conflicts of Interest and the Realtor Commission Puzzle," NBER Working Papers 21489, National Bureau of Economic Research, Inc.
- Vivek Farias & Bar Ifrach & Gabriel Weintraub, 2012. "A Framework for Dynamic Oligopoly in Concentrated Industries," 2012 Meeting Papers 505, Society for Economic Dynamics.
- Derek Stacey, 2012.
"Information, Commitment, and Separation in Illiquid Housing Markets,"
2012 Meeting Papers
401, Society for Economic Dynamics.
- Derek G. Stacey, 2013. "Information, Commitment, and Separation in Illiquid Housing Markets," Working Papers 039, Ryerson University, Department of Economics.
- Derek G. Stacey, 2012. "Information, Commitment, And Separation In Illiquid Housing Markets," Working Paper 1289, Economics Department, Queen's University.
- Sophia Gilbukh & Paul Goldsmith-Pinkham, 2019.
"Heterogeneous Real Estate Agents and the Housing Cycle,"
2019 Meeting Papers
932, Society for Economic Dynamics.
- Sonia Gilbukh & Paul Goldsmith-Pinkham, 2020. "Heterogeneous Real Estate Agents and the Housing Cycle," Working Papers 2020-002, Human Capital and Economic Opportunity Working Group.
- Michael W. Walrath, 2016. "Entry Models Applied to Churches: Could Protestants use a Catholic Bishop to Solve Excess Entry?," Journal of Industrial Economics, Wiley Blackwell, vol. 64(3), pages 557-588, September.
- Ken Onishi & Naoki Wakamori & Chiyo Hashimoto & Shun-ichiro Bessho, 2016. "Free Entry and Social Inefficiency in Vertical Relationships: The Case of the MRI Market," CIRJE F-Series CIRJE-F-1001, CIRJE, Faculty of Economics, University of Tokyo.
- Paul Grieco & Hongsong Zhang & Shengyu Li, 2018. "Input Prices, Productivity and Trade Dynamics: Long-run Effects of Liberalization on Chinese Paint Manufactures," 2018 Meeting Papers 874, Society for Economic Dynamics.
- Wen-Chung Guo & Fu-Chuan Lai, 2017. "Prices, Locations and Welfare When an Online Retailer Competes with Heterogeneous Brick-and-Mortar Retailers," Journal of Industrial Economics, Wiley Blackwell, vol. 65(2), pages 439-468, June.
- Li, Shengyu, 2018. "A structural model of productivity, uncertain demand, and export dynamics," Journal of International Economics, Elsevier, vol. 115(C), pages 1-15.
- Panle Jia Barwick & Parag A. Pathak & Maisy Wong, 2017. "Conflicts of Interest and Steering in Residential Brokerage," American Economic Journal: Applied Economics, American Economic Association, vol. 9(3), pages 191-222, July.
- Myrto Kalouptsidi, 2014. "Detection and Impact of Industrial Subsidies: The Case of World Shipbuilding," NBER Working Papers 20119, National Bureau of Economic Research, Inc.
- 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.
More about this item
JEL classification:
- L0 - Industrial Organization - - General
- L00 - Industrial Organization - - General - - - General
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
- L5 - Industrial Organization - - Regulation and Industrial Policy
- L8 - Industrial Organization - - Industry Studies: Services
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
- R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General
- R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
NEP fields
This paper has been announced in the following NEP Reports:- NEP-COM-2011-07-27 (Industrial Competition)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:17227. 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: (). General contact details of provider: http://edirc.repec.org/data/nberrus.html .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.