Contigent Price Contracts and the Efficiency of Housing Markets
研究了住房市场在负需求冲击后流动性下降但交易价格变化不大的现象，发现引入风险分担的或有价格合同可通过提供价格不确定性保险来提升流动性。
Frequently, the response of housing markets to a large negative demand shock is a period during which the liquidity of housing declines, but the price at which transactions take place changes little. In this paper we show that a decline in liquidity can result from the inabilities of sellers and buyers to insure against post‐shock price uncertainty. We conclude, that the introduction of a risk‐sharing contingent price contract may increase the post‐shock liquidity of housing by providing insurance against post‐shock price uncertainty. Finally, we show that a mutually agreeable contingent price contract will always exist, even when sellers are excessively optimistic.