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| Author: | Williams, J. |
| Title: | Pricing real assets with costly search |
| Journal: | Review of Financial Studies
1995 : SPRING, VOL. 8:1, p. 55-90 |
| Index terms: | PRICING ASSETS SEARCH COSTS |
| Language: | eng |
| Abstract: | Markets for many real assets are characterized by sequential search followed by bilateral bargaining between matched buyers and sellers. For a category of real assets, the joint, intertemporal valuation problems of buyers, owners, and sellers, and the associated Nash pricing function are solved explicitly. In equilibrium, the average transaction price is a noisy, proportional random walk, and the liquidity premium is positive for matched owners. |
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