Observable measures of public school quality provide noisy signals of underlying quality to parents. Accordingly, this paper examines the house price effects of school quality and quality uncertainty. Residential bid rent theory under this type of uncertainty shows that greater school quality...

This study is the first to examine the principal-agent issues surrounding how agents' efforts to sell their own properties affect their efforts to sell concurrently listed client properties. The principal-agent model shows that listed agent-owned properties induce agents to worker harder over...

This paper examines how household social interaction affects housing and location demand in urban settings. The extended Alonso-Muth urban household model shows that the effects on density and location hinge upon the demand realtionship between social activities and housing consumption. Stronger...

Most elderly want to age in place. Yet, most elderly live in suburban and rural communities ill-suited to meet the changing aging-related demands. This paper discusses various issues communities need to address when balancing the demands of aging baby boomers against those of younger households....

Under certainty, unlimited duration of private ownership of land provides landowners with efficient development incentives. However, in cases of ownership risk arising from title mistakes, fraud, boundary encroachment, or adverse possession, the statute of limitations sets a limit on how long...

Comparing agent-owner with agent-represented home sales illustrates that commission contracts lead to external agent moral hazard. Real estate developers are sophisticated sellers who can either use external agents or hire internal agents. The theory shows that neither scheme eliminates agent...

It is widely believed that tenant-occupied houses do not show as well as owner-occupied or even vacant units and are harder to sell. These short term or transitory marketing effects should disappear in subsequent sales by owner-occupiers. Overuse by tenants and poor maintenance by landlords,...

The existing literature focuses on how perceived flood risk affects house value. Search theory, however, implies that flood risks will be capitalized into both house price and liquidity. This paper draws on search theory to develop an empirical approach for estimating flood risk capitalization...