The Optimal Duration of Real Estate Listing Contracts
研究了房地产挂牌合同期限如何激励经纪人维护卖方利益，通过设定合同到期未售则损失佣金来约束经纪人行为，并分析了卖方如何平衡激励改善与重新谈判成本以确定最优期限。
The length of the real estate listing contract is examined as a means of providing an incentive for brokers to act in the best interest of home sellers. A limitation on the duration of the contract accomplishes this objective by imposing a cost (namely, the foregone commission) on brokers who fail to complete a sale before the contract expires. The seller's optimal contract duration balances the benefits of improved incentives against the expected cost of renegotiating a new contract in the event of a failure bv the broker.