Please use this identifier to cite or link to this item:
https://doi.org/10.1111/j.1540-6229.2012.00347.x
DC Field | Value | |
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dc.title | Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market | |
dc.contributor.author | Deng, Y. | |
dc.contributor.author | Gabriel, S.A. | |
dc.contributor.author | Nishimura, K.G. | |
dc.contributor.author | Zheng, D. | |
dc.date.accessioned | 2013-10-14T05:10:28Z | |
dc.date.available | 2013-10-14T05:10:28Z | |
dc.date.issued | 2012 | |
dc.identifier.citation | 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 | |
dc.identifier.issn | 10808620 | |
dc.identifier.uri | http://scholarbank.nus.edu.sg/handle/10635/46201 | |
dc.description.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. | |
dc.description.uri | http://libproxy1.nus.edu.sg/login?url=http://dx.doi.org/10.1111/j.1540-6229.2012.00347.x | |
dc.source | Scopus | |
dc.type | Article | |
dc.contributor.department | REAL ESTATE | |
dc.description.doi | 10.1111/j.1540-6229.2012.00347.x | |
dc.description.sourcetitle | Real Estate Economics | |
dc.description.volume | 40 | |
dc.description.issue | SUPPL. 1 | |
dc.description.page | S234-S272 | |
dc.identifier.isiut | 000312948500008 | |
Appears in Collections: | Staff Publications |
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