Auction versus Negotiated Sale: Evidence from Real Estate Sales
通过理论模型和新加坡房产数据，比较拍卖与协商销售的价格差异，发现需求强、资产同质化高或买家估值高时拍卖价格更高，但法拍房未必有额外溢价。
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. In addition, we find that auctions do not necessarily generate a higher price premium for foreclosed properties than for nonforeclosed properties.