SEQUENTIAL SALES OF SIMILAR ASSETS: THE LAW OF ONE PRICE AND REAL ESTATE
研究了住宅开发中相似单元顺序销售的价格变化，发现一价定律成立，即不存在普遍的价格序列效应。
ABSTRACT The housing literature largely overlooks the price evolution of similar assets sold sequentially, even though such sales often occur with new residential developments. The law of one price implies no persistent price pattern for identical assets sold sequentially. Nonetheless, the auction and nonauction literatures reveal conditions leading to sales sequence effects on prices. This paper examines price evolution in the condominium market where similar units are sold sequentially in a setting with minimal consumption risk. The results indicate no pervasive sequence–price relationship for sequential sales of similar property units.