OPPORTUNISTIC MATCHING IN THE HOUSING MARKET*
构建了一个住房市场模型，其中交易者因搜索时间不同而改变急迫程度，分析了均衡匹配模式及价格与销售时间的联合分布，发现预期价格随销售时间下降，而价格的条件方差先升后降。
We construct a model of the housing market in which agents differ in their flow values while searching. Agents enter the market relaxed (with high flow values) but move to a desperate state (low flow values) at a Poisson rate if they have not already transacted. We characterize the equilibrium steady‐state matching pattern and the joint distribution of price and time to sale (for sellers). The expected price conditional on time to sale falls with time spent on the market, whereas the conditional variance of price first rises and then falls with time on the market.