Please use this identifier to cite or link to this item:
|Title:||Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market|
|Authors:||Deng, Y. |
|Source:||Deng, Y., Gabriel, S.A., Nishimura, K.G., Zheng, D. (2012). Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market. Real Estate Economics 40 (SUPPL. 1) : S234-S272. ScholarBank@NUS Repository. https://doi.org/10.1111/j.1540-6229.2012.00347.x|
|Abstract:||We adopt a multistage search model, in which the home seller's reservation price is determined by her or his opportunity cost, search cost, discount rate and additional market parameters. The model indicates that a greater dispersion in offer prices leads to higher reservation and optimal asking prices. A unique dataset from the Tokyo condominium resale market enables us to test those modeled hypotheses. Empirical results indicate that a one percentage point increase in the standard deviation of submarket transaction prices results in a two-tenths of a percent increase in the initial asking price and in the final transaction price. Increases in the dispersion of market prices enhance the probabilities of a successful transaction and/or an accelerated sale. © 2012 American Real Estate and Urban Economics Association.|
|Source Title:||Real Estate Economics|
|Appears in Collections:||Staff Publications|
Show full item record
Files in This Item:
There are no files associated with this item.
checked on Mar 7, 2018
WEB OF SCIENCETM
checked on Jan 29, 2018
checked on Mar 11, 2018
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.