Search and Liquidity in Single‐Family Housing
基于3358笔独户住房交易数据，用两阶段最小二乘模型估计房价，发现最优营销期存在且流动性溢价被定价，支持搜索模型假设。
A two‐stage least squares model of housing prices is estimated with data collected from 3358 single‐family home transactions. The results provide evidence for an optimal marketing period and indicate that a liquidity premium is priced in single‐family home sales. Consistent with the hypothesis derived from economic search models, the model shows higher selling prices for houses having longer expected marketing periods. The model also shows a price premium for houses that sell faster than expectations. This effect supports the concept that liquidity is a value‐enhancing characteristic.