This paper specifies and estimates a structural model of home seller behavior. The model is an application of search theory to housing and is estimated using method of moments. The estimation method uncovers an analytical closed-form relationship between reduced-form coefficients of hedonic and...

This paper assesses the predictive power of variables that measure market tightness, such as seller's bargaining power and sale probabilities, on future home prices. Theoretical insights from a stylized search-and-matching model illustrate that such indicators can be associated with subsequent...

This paper assesses the predictive power of variables that measure market tightness, such as seller's bargaining power and sale probabilities, on future home prices. Theoretical insights from a stylized search-and-matching model illustrate that such indicators can be associated with subsequent...