This study examines the heterogeneous appraiser behavior and its implication on the traditional appraisal smoothing theory. We show that the partial adjustment model is consistent with the traditional appraisal smoothing argument (Geltner 1989) only when all the appraisers choose the same...

Due to the heterogeneous nature of real estate assets, housing market is characterized by a sequential search and seller's optimal strategies. This paper provides a side-by-side performance comparison of the two competing stopping rules (i.e., the reservation rule and the number rule) in the...

This paper develops a formal model to examine the effect of changing market conditions and individuals' selling constraints on expected selling price and time-on-market. Using the concept of Relative Liquidity Constraint (RLC) - a stochastic variable that captures the randomness of future...

This paper develops a formal model to examine the effect of changing market conditions and individuals' selling constraints on selling price and time-on-market. Using the concept of Relative Liquidity Constraint (RLC) – a stochastic variable that captures the randomness of future individual...