Access the full text.
Sign up today, get DeepDyve free for 14 days.
A. Yavaş (1992)
A Simple Search and Bargaining Model of Real Estate MarketsAREUEA Journal, 20
Thomas Miceli (1991)
The Multiple Listing Service, Commission Splits, and Broker EffortReal Estate Economics, 19
S. Ross (1973)
The Economic Theory of Agency: The Principal's ProblemThe American Economic Review, 63
T. J. Miceli (1991)
The Multiple Listing Service, Commission Splits, and Broker EffortAREUEA Journal, 19
D. T. Mortensen (1982)
Economics of Information and Uncertainty
K. Blumenthal (1996)
Brokers Begin to List Homes on the InternetWall Street Journal January, 19
D. Geltner, Brian Kluger, N. Miller (1991)
Optimal Price and Selling Effort from the Perspectives of the Broker and SellerReal Estate Economics, 19
Michael Arnold (1992)
The Principal-Agent Relationship in Real Estate Brokerage ServicesReal Estate Economics, 20
P. Anglin, R. Arnott (1991)
Residential real estate brokerage as a principal-agent problemThe Journal of Real Estate Finance and Economics, 4
J. Gould (1980)
The Economics of Markets: A Simple Model of the Market-making ProcessThe Journal of Business, 53
P. Anglin (1997)
Determinants of Buyer Search in a Housing MarketReal Estate Economics, 25
Oliver Hart, Bengt Holmstrom (1986)
The Theory of Contracts
M. A. Amold (1992)
The Principal-Agent Relationship in Real Estate Brokerage ServicesAREUEA Journal, 20
O. Hart, B. Holmström (1987)
Advances in Economics
(1983)
The Residential Real Estate Brokerage Industry
Abdullah Yavas (1995)
Can Brokerage Have an Equilibrium Selection RoleJournal of Urban Economics, 37
Martin Sefton, Abdullah Yavas (1995)
Threat to regulate and coordination failures: Experimental evidenceThe Journal of Real Estate Finance and Economics, 12
R. T. Black (1994)
Proposed Alternatives to Traditional Real Property Agency: Restructuring the Brokerage RelationshipReal Estate Law Journal, 22
M. Harris, A. Raviv (1979)
Optimal incentive contracts with imperfect informationJournal of Economic Theory, 20
Thomas Zorn, J. Larsen (1986)
The Incentive Effects of Flat-Fee and Percentage Commissions for Real Estate BrokersReal Estate Economics, 14
C. Wu, P. F. Colwell (1986)
Equilibrium of Housing and Real Estate Brokerage Markets Under UncertaintyAREUEA Journal, 14
R. T. Black, H. O. Nourse (1995)
The Effect of Different Brokerage Modes on Closing Costs and House PricesJournal of Real Estate Research, 10
Chunchi Wu, P. Colwell (1986)
Equilibrium of Housing and Real Estate Brokerage Markets Under UncertaintyReal Estate Economics, 14
D. Mortensen (1982)
The Matching Process as a Noncooperative Bargaining Game
T. S. Zorn, J. E. Larsen (1986)
The Incentive Effects of Flat-Fee and Percentage Commissions for Real Estate BrokersAREUEA Journal, 14
C. A. Fried (1993)
House Hunting? Save by Hiring Your Own BrokerMoney, 22
Thomas Miceli (1989)
The Optimal Duration of Real Estate Listing ContractsReal Estate Economics, 17
T. J. Miceli (1989)
The Optimal Duration of Real Estate Listing ContractsAREUEA Journal, 17
H. Elder, L. Zumpano, Edward Baryla (2000)
Buyer Brokers: Do They Make a Difference? Their Influence on Selling Price and Search DurationReal Estate Economics, 28
D. Geltner, B. D. Kluger, N. G. Miller (1991)
Optimal Price and Selling Effort from the Perspectives of the Broker and SellerAREUEA Journal, 19
R. Arnott, P. Anglin (1995)
Are Brokers' Commission Rates on Home Sales Too High? A Conceptual Analysis
Abdullah Yavas (1995)
Seller-Broker Relationship as a Double Moral Hazard ProblemJournal of Housing Economics, 4
Abdullah Yavas (1992)
A Simple Search and Bargaining Model of Real Estate MarketsReal Estate Economics, 20
This article examines the incentive and efficiency implications of buyer brokerage. We show that it is possible to perfectly align the interests of the seller with those of his agent and the interests of the buyer with those of his agent. Furthermore, effort levels can be efficient. This result is a departure from earlier conclusions in the literature that the agent's effort level can neither be perfectly aligned with the principal's interests nor be efficient. The departure is primarily due to the feature of our model that it recognizes the costs as well as the benefits of an agent's effort to her principal, and vice versa. Finally, we discuss the implications of buyer brokerage for the future of MLS services.
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Sep 30, 2004
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.