Real and private-value assets—defined here as the sum of real estate, infrastructure,
collectibles, and noncorporate business equity—compose an investment class worth an …

We study the frictions in dealer-intermediation in residential real estate through the lens of
“iBuyers,” technology entrants, who purchase and sell residential real estate through online …

We present an infinite-horizon model of endogenous trading in the art auction market.
Agents make purchase and sale decisions based on the relative magnitude of their private …

We study how financial constraints affect the housing market by exploiting a regulatory
change that increases the down payment requirement for homes selling for 1M or more …

What makes an asset institutional quality? This paper proposes that one reason is the
existing concentration of delegated investors in a market through a liquidity channel …

We build a rich panel dataset tracking two measures of housing market liquidity: time-on-
market and price dispersion. The two measures co-vary closely at seasonal and business …

We develop a two-stage game in which competing airlines first choose the networks of
markets to serve in the first stage before competing in price in the second stage. Spillovers in …

Purpose This paper aims to empirically test the effect of list price and bidding strategies in
ascending auctions of residential real estate. Design/methodology/approach Three …

This paper develops a model of the housing market with search and credit frictions. The
interaction between the two sources of friction gives rise to a novel channel through which …

This paper studies the effects of financial frictions in construction on housing market
dynamics. To this end, we build a search-theoretic model of the housing market in which …