HOUSING MARKET DISCOUNT RATES: EVIDENCE FROM BARGAINING AND BIDDING WARS
研究了卖房时通过挂牌价选择在低价快速成交还是等待更高出价的折现率，利用荷兰住房销售数据，发现议价和竞购战下的折现率为25%-35%，远高于长期市场折现率，且对已搬家或低教育水平的卖家更高。
Abstract When selling a home, through the choice of the list price, sellers make a trade‐off between achieving a quick sale at a low price or waiting for higher bids. This list‐price setting decision is governed by a discount rate. Using data on housing sales in the Netherlands, we derive gross discount rates under bilateral bargaining and bidding wars. The estimated discount rates are 25%–35%, which are considerably higher than long‐run housing market discount rates and may result from the seller's unfamiliarity with the selling process. The rates are higher for sellers that already moved and have a low education.