Equilibrium of Housing and Real Estate Brokerage Markets Under Uncertainty
构建了不完全信息下房地产经纪与住房市场的一般均衡模型，分析了多重上市服务对房价、佣金和经纪人搜寻行为的影响。
The purpose of this paper is to develop a model of the real estate brokerage and housing markets with imperfect information. The paper considers general equilibrium in these markets with and without a multiple listing service. Input prices are found to affect the equilibrium housing price, brokerage commission, and split factor. The introduction of a multiple listing service is found to have several important effects. The MLS causes housing value to increase, but its effect on the commission rate is indeterminate. Contrary to the results of another paper, MLS brokers, on average, will likely undertake more search for both buyers and listings than will a non‐MLS broker. The primary reasons are related to the greater efficiency of search in the MLS context.