An Empirical Stationary Equilibrium Search Model of the Housing Market

  title={An Empirical Stationary Equilibrium Search Model of the Housing Market},
  author={Paul E. Carrillo},
We specify and estimate a computationally tractable stationary equilibrium model of the housing market. The model is rich and incorporates many of its unique features: buyers’ and sellers’ simultaneous search behavior, heterogeneity in their motivation to trade, transaction costs, a trading mechanism with posting prices and bargaining, and the availability of an exogenous advertising technology that induces endogenous matching. Estimation is conducted using Maximum Likelihood methods and… CONTINUE READING
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