Does It Matter Whom An Agent Serves? Evidence from Recent Changes in Real Estate Agency Law
研究了房地产代理法从卖方代理转向买方代理后，亚特兰大市场高价房价格显著下降，低价房价格无显著变化，但两类房屋销售时间均缩短，表明买方代理提高了搜索效率。
Recent changes in real estate law hastened the shift from a seller's agency regime, in which real estate agents serve the interests of sellers, to a buyer's agency regime, in which agents serve the interests of buyers. Using data from the Atlanta real estate market, we show that the shift to buyer's agency led to a significant decline in real estate prices in the market for relatively expensive houses, while real estate prices did not significantly change in the market for relatively inexpensive homes. In both markets, the average time needed to sell a house fell after the change in agency regimes. These results are consistent with a conclusion that a shift to buyer's agency improves the efficiency of the search process.