Importance of Professional Networks in Trade: Evidence from Real Estate Market
通过拟合Jackson-Rogers模型到美国中西部大城市的多重挂牌服务数据，发现35%至55%的房地产交易通过网络搜索达成，且经纪人早期依赖随机搜索，后期更多依赖网络搜索。
Abstract Real estate agents often search randomly or navigate through local network to find trading partners. This article estimates the importance of network‐based searches relative to random searches by fitting Jackson–Rogers' model to the multiple listing service data for a major Midwestern city in the United States. We find that 35%–55% of trades are made through network‐based searches. Moreover, agents rely mainly on random searches at early stage of career, but more on network‐based searches after having many trades. On average, a real estate agent trades with 1 out of every 5–10 agents she finds through searches.