A unique feature of land auctions is that the same land is auctioned twice; first the land is broken into tracts and each tract is auctioned individually. Then, the tracts are reassembled and auctioned as a whole parcel. After the two auctions are completed, the seller chooses the one that...

This paper provides a theoretical framework of, and empirical evidence on, the positive relationship between the value of land and the warranty coverage associated with land ownership in the early years of the nineteenth century. Copyright 1993 by Kluwer Academic Publishers

Coordination games can represent a wide range of issues in real estate. In this paper, we present the results of an experiment designed to investigate the impact of regulatory threats in a coordination game. The experiment consisted of two sessions. The first session included a simple...

Previous research (Rutherford et al. <CitationRef CitationID="CR8">2005</CitationRef>; Levitt and Syverson <CitationRef CitationID="CR6">2005</CitationRef>) identify and quantify agency problems in the brokerage of single-family houses. Real estate agents are found to receive a premium when selling their own houses in comparison to similar client-owned houses. Given the homogeneity...</citationref></citationref>

We consider the economic consequences of changing the foreclosure rules. By incorporating renegotiation into the analysis, we show that although renegotiation decreases the number of foreclosures, it can make the effects of foreclosure more significant. Even when foreclosure does not actually...

Empirical testing of the real options theory has been very limited. This is primarily due to various inherent problems with obtaining field data for many components of real options theory. This paper utilizes experimental methodology to generate the data. The advantage of the experimental...

This article has two objectives. One is to offer a theoretical model to study how the difference in commission structures affects the performance of agents at full-commission firms (e.g., RE/MAX agents) relative to other agents. The other is to provide an empirical test of the relative...