The role of the list price in housing markets: Theory and an econometric model
提出理论解释住房市场中挂牌价为何存在且不同于卖方的保留价，并基于巴尔的摩数据构建计量模型，预测售价和保留价，其售价预测比标准特征价格回归更准确，同时解释了卖方为何不愿降价。
Abstract Houses are routinely sold at prices below, but rarely sold at prices above, their list prices. List prices appear to be price ceilings that preclude the possibility of sales at higher prices. This paper presents a theory of sellers' behaviour that explains why there are list prices in housing markets and why list prices are distinct from sellers' reservation prices. The theory forms the basis of an econometric model that has been estimated using data from the Baltimore, MD, area. The estimated model predicts sale and reservation prices conditional on list prices. The predictions of sale prices are considerably more accurate than those obtained from a standard hedonic price regression. The estimated model also explains why sellers may not be willing to reduce their list prices even after their houses have remained unsold for long periods of time.