Buying First or Selling First in Housing Markets
研究了搬家房主在买卖房屋时的顺序选择如何影响市场，发现先买偏好会加剧买方拥挤，导致多重均衡和大幅波动，与住房周期特征一致。
Abstract Housing transactions by moving homeowners take two steps—buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer–seller ratio, further strengthening the incentives of other moving owners to buy first. This endogenous strategic complementarity leads to multiple steady state equilibria and large fluctuations, which are broadly consistent with stylized facts about the housing cycle.