Buying a home may typically be the biggest lifetime purchase of any individual. People looking to purchase a home are bombarded with messages relating to the housing market every day and the framing of these messages has the potential to affect their purchase decisions. To examine these effects,...

The goal of this paper is to study how informational frictions affect asset liquidity in OTC markets in a laboratory setting. The experiments replicate an OTC market similar to the one used in monetary and financial economics (Shi, 1995; Trejos and Wright, 1995; Duffie, Garleanu, and Pedersen, 2005):...