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| Buyer Search and the Role of Broker in an Emerging Housing Market： A Case Study of Guangzhou | |
| 引用本文： | 郑思齐 刘洪玉 Rebecca Lee.Buyer Search and the Role of Broker in an Emerging Housing Market： A Case Study of Guangzhou[J].清华大学学报,2006,11(6):675-685. |
| 作者姓名： | 郑思齐 刘洪玉 Rebecca Lee |
| 作者单位： | Institute of Real Estate Studies Tsinghua University，Institute of Real Estate Studies，Tsinghua University，Menlo College，1000 El Camino Real，Atherton，CA 94207，USA，Beijing 100084，China，Beijing 100084，China |
| 基金项目： | Supported by the National Natural Science Foundation of China (No. 70440005) |
| 摘 要： | Introduction Housing markets have distinct characteristics that re- sult in a higher level of imperfect information than markets of other goods. Houses are unique and hetero- geneous, so buyers must gather enough information concerning the quality as well… |
| 关 键 词： | 房地产经纪人 住房市场 作用 信息费 寻访买主 寻访强度 寻访期 广州 |
| 收稿时间： | 2005-04-14 |
| 修稿时间： | 2005-04-142005-08-01 |
Buyer Search and the Role of Broker in an Emerging Housing Market: A Case Study of Guangzhou |
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| Siqi Zheng, , Hongyu Liu, &#x;Ú&#x;,Rebecca Lee.Buyer Search and the Role of Broker in an Emerging Housing Market: A Case Study of Guangzhou[J].Tsinghua Science and Technology,2006,11(6):675-685. | |
| Authors: | Siqi Zheng Hongyu Liu &#x;Ú&#x; Rebecca Lee |
| Institution: | aInstitute of Real Estate Studies, Tsinghua University, Beijing 100084, China bMenlo College, 1000 El Camino Real, Atherton, CA 94207, USA |
| Abstract: | This paper examines homebuyer's search process and the role of real estate broker in China's urban housing market, where inactive housing resale transactions and an immature brokerage industry are distinct characteristics. Guangzhou is used as a case study to model the intensity and duration of the search process. This study finds that buyers make trade-off between two search costs, activity cost and duration cost. The study also demonstrates that despite the industry's immature nature, buyers using brokers do increase search intensity and shorten search duration by reducing the activity cost. Empirical results show that there is no specific buyer group who can effectively lower their search cost by their own efforts, due to the poor information transparency in the current housing market. The broker-choice model shows that besides search cost, buyers' confidence in broker's service quality can also greatly influence their choice, so improvement in service quality and reputation has important implications for China's brokerage industry. |
| Keywords: | search duration search intensity real estate broker information cost housing market |
| 本文献已被 CNKI 维普 万方数据 ScienceDirect 等数据库收录！ | |