THE HOME SELLING PROBLEM: THEORY AND EVIDENCE
研究房主如何在扣除交易成本后以最高价出售房屋，利用英格兰780处住宅的交易数据估计模型，发现极小的调价成本就能解释挂牌价格的粘性。
We formulate and solve the problem of a homeowner who wants to sell her house for the maximum possible price net of transactions costs. We estimate this model using data on transaction histories for 780 residential properties in England. The estimated model fits list price dynamics and other key features of the data. In particular, a tiny menu cost of changing the listing price, as little as ten thousandths of 1% of the house value, is sufficient to explain the high degree of stickiness of listing prices observed in the data.