Real Estate Brokers, Nonprice Competition and the Housing Market
研究了固定佣金率和低进入门槛下，房地产经纪市场通过服务质量进行非价格竞争的均衡调整、比较静态预测及效率影响，发现高佣金率对无谓损失的影响取决于经纪人服务如何改变买卖双方的交易成本。
Given a fixed commission rate and easy entry, economic profits must be competed away on some nonprice margin in the real estate brokerage market. This paper focuses on nonprice competition in the level or quality of services offered buyers and sellers in the market, examining the equilibrium adjustment process, comparative static predictions and efficiency implications. In contrast with earlier studies focusing on wasteful advertising, this paper demonstrates that higher commission rates can either increase or decrease deadweight loss, depending upon how broker services affect buyer and seller transaction costs.