@article{fc139f2fc21a4797b18daf7fedb7926e,
title = "Real estate agents' influence on housing search",
abstract = "This paper investigates different mechanisms for real estate agents{\textquoteright} influence in housing search. Using residential listing data, I find descriptive evidence suggesting an important role of agents{\textquoteright} influence in the listing stage, during which agents may influence home sellers to set lower initial listing prices. To quantify the impact of this mechanism, I develop a structural model for the home seller's problem particularly in the listing stage, while accounting for other mechanisms. The estimated model shows that agents' influence in the listing stage is consequential, explaining about 60% of the difference in sales price premiums between agent-owned and client-owned listings.",
keywords = "agents' influence, conflict of interest, housing market, listing price, structural estimation, truncated model",
author = "Hong, {Seung Hyun}",
note = "Funding Information: I am grateful to various seminar participants at Georgetown, Michigan State University, Barcelona GSE Summer Forum, and Stanford Institute for Theoretical Economics for their helpful comments. This paper is based on work supported by (while serving at) the National Science Foundation. Any opinion, findings, and conclusions or recommendations expressed in this paper are those of the author and do not necessarily reflect the views of the National Science Foundation. Funding Information: I am grateful to various seminar participants at Georgetown, Michigan State University, Barcelona GSE Summer Forum, and Stanford Institute for Theoretical Economics for their helpful comments. This paper is based on work supported by (while serving at) the National Science Foundation. Any opinion, findings, and conclusions or recommendations expressed in this paper are those of the author and do not necessarily reflect the views of the National Science Foundation. Publisher Copyright: {\textcopyright} 2022 John Wiley & Sons, Ltd.",
year = "2022",
month = apr,
day = "1",
doi = "10.1002/jae.2891",
language = "English (US)",
volume = "37",
pages = "563--582",
journal = "Journal of Applied Econometrics",
issn = "0883-7252",
publisher = "John Wiley & Sons, Ltd.",
number = "3",
}