Testing for Information Asymmetries in Real Estate Markets
研究了住房市场中邻里特征导致的信息不对称，发现卖方构成变化（更多知情卖方或供给弹性更大的卖方）可预测房价下跌，且该效应受房屋价格对邻里特征的暴露程度和买方信息水平影响。
In housing markets, neighborhood characteristics are a key source of information heterogeneity: sellers are usually better informed about neighborhood values than buyers are, but some sellers and buyers are better informed than their peers are. Consistent with predictions from a new framework for analyzing such markets with heterogeneous assets and differentially informed agents, we find that changes in the composition of sellers toward more informed sellers and sellers with a larger supply elasticity predict subsequent house price declines. This effect is larger for houses with more price exposure to neighborhood characteristics, and smaller for houses bought by buyers that are more informed.