search query: @author Turnbull, G. / total: 5
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| Author: | Sirmans, C. Turnbull, G. |
| Title: | Brokerage pricing under competition |
| Journal: | Journal of Urban Economics
1997 : JAN, VOL. 41:1, p. 102-117 |
| Index terms: | URBAN AREAS ECONOMICS PRICING |
| Language: | eng |
| Abstract: | This paper reexamines the popular assumption that real estate commissions are fixed over time. It shows how the competitively determined commission rate responds to changes in the housing market and broker cost conditions. One testable implication is that competition promotes counter-cyclical changes in the commission rate. The empirical analysis of commission rate determinants using data covering an entire urban housing market through its downturn and expansion phases reveals the counter-cyclical movement in commission rates predicted by the competitive model. |
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