Do Laws Influence the Cost of Real Estate Brokerage Services? A State Fixed Effects Approach
研究美国州级法律变化对房地产经纪服务成本的影响，发现促进服务分拆的法律使全职经纪人数量每年下降超过两个百分点。
A FTC‐DOJ study argues that state laws and regulations may inhibit the unbundling of real estate brokerage services in response to new technology. Our data show that 18 states have changed laws in ways that promote unbundling since 2000. We model brokerage costs as measured by number of agents in a state‐level annual panel vector autoregressive framework, a novel way of analyzing wasteful competition. Our findings support a positive relationship between brokerage costs and lagged house price and transactions. We find that change in full‐service brokers responds negatively (by well over two percentage points per year) to legal changes facilitating unbundling.