Clayton, Jim; MacKinnon, Greg; Peng, Liang - In: Journal of Real Estate Research 30 (2008) 2, pp. 125-160
This paper characterizes the behavior of and evaluates competing explanations for time variation in private real estate market liquidity documented in Fisher et al. (2003). In the first, sellers base their estimates of value on observations of signals from the market, but the presence of noise...