基于双侧随机搜索的商业房地产市场:理论与启示

IF 2.1 Q2 URBAN STUDIES

Journal of Property Research Pub Date : 2020-11-23 DOI:10.1080/09599916.2020.1844784

Garrison Hongyu Song, A. Mussa

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引用次数: 2

摘要

摘要本文建立了一个双边随机搜索模型来研究商业房地产市场中买卖双方的交易行为。我们的模型表明，搜索和议价之间的相互作用对市场搜索摩擦在商业地产均衡交易价格和买卖双方福祉方面所扮演的角色产生了深远的影响。传统观点认为搜索摩擦的存在对商业地产市场总是起着负面作用，但我们发现在某些条件下，市场搜索摩擦可以提高商业地产的均衡交易价格，从而使卖方受益，尤其是在经济周期低迷时期，这被认为是最有价值的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Commercial Real Estate Market with Two-sided Random Search: Theory and Implications

ABSTRACT In this paper, we set up a two-sided random search model to study the trading behaviour between buyers and sellers in the commercial real estate market. Our model shows that the interaction between search and bargaining has a profound influence on the role played by the market search friction regarding the equilibrium transaction price of commercial property and the well-being of both buyers and sellers. Against the traditional view that the existence of search friction always plays a negative role in the commercial real estate market, we find that under some conditions the market search friction can increase the equilibrium transaction price of commercial property and thus benefit sellers, which is considered the most valuable especially during the downturn of a business cycle.

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来源期刊

Journal of Property Research URBAN STUDIES-

CiteScore

3.80

自引率

5.30%

发文量

期刊介绍： The Journal of Property Research is an international journal. The title reflects the expansion of research, particularly applied research, into property investment and development. The Journal of Property Research publishes papers in any area of real estate investment and development. These may be theoretical, empirical, case studies or critical literature surveys.