Buying First or Selling First in Housing Markets
研究搬家房主在交易中先买新房还是先卖旧房的选择如何影响市场，发现当买家多于卖家时大家倾向于先买，这种互补行为导致多重均衡和大幅波动，与住房周期特征一致。
Housing transactions by moving homeowners take two steps—buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer–seller ratio, further strengthening the incentives of other moving owners to buy first. This endogenous strategic complementarity leads to multiple steady state equilibria and large fluctuations, which are broadly consistent with stylized facts about the housing cycle.