The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com
比较了房主自售平台与多重挂牌服务的销售效果，发现自售平台在售价上不低，但成交时间和成功率较差，并分析了平台差异化与买卖双方行为。
We compare house sales on a For-Sale-By-Owner (FSBO) platform to Multiple Listing Service (MLS) sales and find that FSBO precommission prices are no lower, but that FSBO is less effective in terms of time to sell and probability of a sale. We do not find direct evidence of the importance of network size as a reason for the lower effectiveness of FSBO. We do find evidence of endogenous platform differentiation: patient sellers use FSBO while patient buyers transact more often on the MLS (where they avoid patient sellers). We discuss the implications for platform competition, two-sided markets, and welfare.