What Problem Do Intermediaries Solve? Evidence From Real Estate Markets
利用在线平台数据，通过准随机排序识别中介注意力的外生变化，发现中介注意力增加能提高房源挂牌、快速成交的概率和交易价格，但会降低周边房产的成交概率，表明中介解决的是房产层面的摩擦而非邻里信息不对称。
Abstract We study intermediation in the housing market. Using data from an online platform utilized by real estate agents to generate leads, we identify exogenous intermediary attention arising from the quasi-randomized ordering of potential listings. Greater intermediary attention leads to an increased probability of listing with an agent and selling quickly, and a higher transaction price. The listing and transaction probabilities of neighboring properties decrease in intermediary attention. These results contrast sharply with endogenous correlations and provide causal evidence that intermediaries resolve property-level frictions deriving from search, information, or behavioral considerations but do not mitigate neighborhood-level information asymmetries.