Vacancy, Search, and Prices in a Housing Market Matching Model
提出一个单户住房市场模型，将搬家家庭视为买卖双方，分析空置率如何通过影响搜寻和销售时长来决定买卖双方的保留价格，进而影响市场议价价格，并解释长期结构性空置的存在。
A model of the single-family housing market is proposed in which households that move are both buyers and sellers. Households move when a stochastic process leaves them dissatisifed with their current unit. Household buyers expend costly search effort to find a better house, while sellers hold two units until a buyer is found. The vacancy rate, fixed in the short run, determines the expected length of sale and search, which play a central role in the reservation prices of buyer and seller. Market prices, the result of bargaining, lie between these two. The model yields a strong theoretical relationship (inverse) between vacancy and prices, which with competitive supply explains the existence of longer-run "structural" vacancy. Copyright 1990 by University of Chicago Press.