Tyvimaa, Tanja; Zahirovic-Herbert, Velma; Gibler, Karen M. - European Real Estate Society - ERES - 2013
Houses are expensive illiquid long-lived assets traded in an imperfect market. The imperfect nature of the market is a result of several factors, including the heterogeneous nature of the houses, asymmetric information among buyers and sellers, search costs, and transaction costs. These aspects...