Concentration and Market Structure in Local Real Estate Markets
研究了美国90个不同规模市场的房地产经纪行业集中度，发现中小市场集中度不高，但小市场平均集中度更高，且许多小经纪商业务不稳定。
The competitiveness of the residential real estate brokerage industry has attracted much attention. Anecdotal evidence suggests some local markets are concentrated, yet no systematic market structure study has been conducted. We collected cross‐sectional data on real estate brokers in 90 diverse markets across the United States and collected longitudinal data for Louisville, Kentucky. In medium and large markets, no evidence exists that market concentration might create problems for competition. Small markets, on average, have higher Herfindahl‐Hirschman Indexes than medium and large markets. The longitudinal data reveal that many small brokers sell a house or two one year and none the next year.