This study examines the determinants and consequences of price clustering. Real estate list and transaction prices exhibit two price-ending characteristics: even (000-ending) and just-below-even (900-ending). The use of even-ending prices is negatively related to the precision of the price...

We examine the determinants and consequences of price clustering. Real estate list and transaction prices exhibit two price-ending characteristics: even (000-ending) and just-below-even (900-ending). The use of even-ending prices is negatively related to the precision of the price estimates and...

This study improves upon past estimates of the tax capitalization rate through two empirical innovations. First, the under-identification problem inherent in all capitalization studies is resolved by obtaining rental-data based estimates of the values of housing services instead of...

Brokers and dealers are involved in transactions that span a large variety of markets. However, there is neither a clear consensus as to the impact of brokers on transaction outcomes, nor a common understanding as to the nature of the services that brokers provide and the mechanism by which...