The Welfare Effects of Non‐Price Competition Among Real Estate Brokers
研究房地产经纪人如何通过降低交易成本创造福利，但非价格竞争会消耗部分福利，并用模型说明过高佣金率导致这一结果。
This paper examines the role of brokers in economizing on transaction costs in the housing market. By lowering the cost of transactions, brokers create welfare gains compared to a market in which buyers and sellers transact on their own. However, if brokers engage in unproductive, non‐price competition to acquire a larger share of available listings, then some of the welfare gains are dissipated. Using a partial equilibrium model, this paper shows how an excessive commission rate can lead to this result.