J Real Estate Finan Econ (2012) 45:1–2 DOI 10.1007/s11146-012-9362-3 Richard Green & K. W. Chau & Hongyu Liu & Seow Eng Ong Published online: 24 April 2012 Springer Science+Business Media, LLC 2012 The events of the past 5 years have shown the important of modeling incomplete markets, particularly with respect to real estate in general and housing in particular. As scholars attempt to explain the foundations of the financial crisis, they have focused variously on principal-agent problems, asymmetric information issues, lemons problems, In this issue, we present four papers that apply theories of incomplete markets to real estate issues. Two involve hedging issues with respect to the forward market for houses, one involves the impact of equity constraints on mobility, and one involves the impact of the lemons problem on the market for real estate transactions. Presale agreements for residential properties have become pervasive in many Asian markets. Scholars have brought empirical work to bear to attempt to explain this pheno- menon, but the practice has undergone little theoretical scrutiny. The first two papers in this issue apply sophisticated theoretical models to the question of housing presales. Gang-Zhi Fan, Ming Pu and, Seow Eng Ong develop a model that
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Apr 24, 2012
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