Housing markets with endogenous search: Theory and implications
构建了一个买卖双方进入不完全弹性住房市场的模型，买家分两段筛选房屋并控制搜索强度，推导出均衡并分析稳态，预测了偏好段和市场中的高均价和高价格-租金比，以及这些指标的空间扩散，与现有实证一致。
In this model buyers and sellers enter a housing market with imperfect elasticity. Buyers screen houses for sale in two segments of the market select a set of houses for search in each segment, and then control their intensities of costly search among houses in their preferred sets. Their truncated distributions of acceptable match values are assumed to be power law. Partial equilibrium is calculated explicitly and steady state is characterized analytically. The analysis is extended to multiple segments and markets. Empirical implications include higher average prices and price–rent ratios in preferred segments and markets, as well as spatial diffusion across segments and markets of average prices, price–rent ratios, and search. The predictions are consistent with existing empirical evidence.