Residential Real Estate Brokerage Efficiency and the Implications of Franchising: A Bayesian Approach
利用1995年全国调查数据，通过贝叶斯方法估计成本前沿，发现选择特许经营的房地产经纪公司比独立公司更高效，表明市场具有竞争性。
This paper provides substantial evidence that real estate brokerage firms choosing to franchise are more cost‐efficient than firms that remain independent. It uses 1995 cost data obtained from a nationwide survey of real estate brokerages to analyze the differences in firm efficiency across firm type—franchised and independent. We estimate a single stochastic cost frontier using Bayesian statistics and measure firm efficiency relative to that frontier conditional on firm type. The results indicate that real estate brokerages are relatively efficient, implying a competitive market, but franchised brokerages are substantially more efficient than their independent counterparts.