A Model of Time‐on‐Market and Real Estate Price Under Sequential Search with Recall
推导出房地产价格与市场停留时间之间的非线性正相关关系，并识别出三个影响该关系的经济因素，同时指出传统房地产回报与风险度量因忽略营销期风险而高估回报、低估风险，提供了一种修正偏差的简单方法。
This article develops a model and provides a closed‐form formula to uncover the theoretical relationship between real estate price and time on market (TOM). Our model shows a nonlinear positive price‐TOM relationship, and it identifies three economic factors that affect the impact of TOM on sale price. We demonstrate that conventional metrics for real estate return and risk, which are borrowed in a naïve fashion from finance theory, do not account for marketing period risk and tend to overestimate real estate returns and underestimate real estate risks. Our model provides a simple way to correct such bias. This theory helps to explain the apparent “risk‐premium puzzle” in real estate.