Non‐Uniform Percentage Brokerage Commissions and Real Estate Market Performance
研究了非统一百分比佣金对住宅房产市场挂牌时长的影响，发现佣金比例越低，房产售出概率越高，说明低佣金的负面搜索效应被正面保留价格效应所抵消。
The effect of non‐uniform commissions on the market duration of residential properties is ambiguous. While the broker's search effort is positively related to the size of the percentage commission, so is the seller's reservation price. Each of these relationships imply a time‐on‐market effect in the opposite direction of the other. A powerful statistical technique, survival regression, is employed to determine which relationship dominates. Because the probability that a property will sell at any given point in time is inversely related to the size of the percentage commission, we conclude that the negative search effects associated with low commission rates are more than offset by the positive reservation price effects.