Are Brokers' Commission Rates on Home Sales Too High? A Conceptual Analysis
构建了一个住房市场的一般均衡模型，将房地产经纪人视为匹配中介，并用典型市场数据校准示例，发现最大化总效率的佣金率远低于现行水平，且该结论对匹配过程的变化稳健。
Many people in North America believe that prevailing commission rates for residential real estate brokers are too high, even though such beliefs are not based on a formal model. This paper presents a general equilibrium model of the housing market in which real estate brokers serve as matching intermediaries. We use this model to construct an illustrative example which is calibrated using data consistent with a typical housing market. The example suggests that the commission rate which maximizes aggregate efficiency is considerably below the prevailing rate. Moreover, this finding appears to be robust to changes in the matching process.