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アイテム
Information Disclosure and Welfare in Housing Markets : A Search-Theoretic Framework with Endogenous Participation and Broker Exit
http://hdl.handle.net/10086/0002061800
http://hdl.handle.net/10086/0002061800e136328a-da52-4c76-a2a6-198c0e33ba85
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
dp26-4_rcesr.pdf (752 KB)
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| アイテムタイプ | デフォルトアイテムタイプ（フル）その２(1) | |||||||
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| 公開日 | 2026-03-30 | |||||||
| タイトル | ||||||||
| タイトル | Information Disclosure and Welfare in Housing Markets : A Search-Theoretic Framework with Endogenous Participation and Broker Exit | |||||||
| 言語 | en | |||||||
| 作成者 |
SHIMIZU, Chihiro
× SHIMIZU, Chihiro
NRID
1000050406667
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| 寄与者 | ||||||||
| 寄与者タイプ | Editor | |||||||
| 姓名 | Research Center for Economic and Social Risks, Institute of Economic Research, Hitotsubashi University | |||||||
| 言語 | en | |||||||
| 所属機関名 | Institute of Economic Research, Hitotsubashi University | |||||||
| アクセス権 | ||||||||
| アクセス権 | open access | |||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Information disclosure | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | search and matching | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | housing mismatch | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | market participation | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | broker viability | |||||||
| 内容記述 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | We develop a search-and-matching model of the housing market with a disclosure parameter θ governing price estimation precision, matching probability, and market participation. Transactions occur when the bid-ask gap falls within a fixed negotiation band; higher disclosure compresses the gap distribution. Model-implied welfare losses are decomposed into nine components. Disciplined by Japanese and UK institutional moments, total losses are 39.0% versus 8.4% of imputed rent. Reduced-form regressions using Japanese prefectural panel data are consistent with the model's two central predictions: higher disclosure coverage is associated with shorter time-on-market and lower price dispersion, with magnitudes close to the model-implied elasticities. Monte Carlo simulations indicate that welfare gains are positive in all simulated draws under the perturbation design. An online appendix develops a dynamic extension exploring broker exit, market collapse, and the akiya crisis. | |||||||
| 言語 | en | |||||||
| 出版者 | ||||||||
| 出版者 | Institute of Economic Research, Hitotsubashi University | |||||||
| 言語 | en | |||||||
| 日付 | ||||||||
| 日付 | 2026-03 | |||||||
| 日付タイプ | Issued | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||
| 資源タイプ | technical report | |||||||
| 出版タイプ | ||||||||
| 出版タイプ | VoR | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||
| 関連情報 | ||||||||
| 関連タイプ | isPartOf | |||||||
| 言語 | en | |||||||
| 関連名称 | RCESR Discussion Paper Series ; No. DP26-4 | |||||||
| 助成情報 | ||||||||
| 助成機関識別子タイプ | Crossref Funder | |||||||
| 助成機関識別子 | https://doi.org/10.13039/501100001691 | |||||||
| 助成機関名 | Japan Society for the Promotion of Science | |||||||
| 言語 | en | |||||||
| 研究課題番号 | 24H00012 | |||||||
| 研究課題番号URI | https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-24H00012/ | |||||||
| 研究課題名 | 日本の物価・不動産価格の変動-大規模ミクロデータを用いた解明と統計の再構築- | |||||||
| ページ数 | ||||||||
| ページ数 | 89 | |||||||
| Sponsorship | ||||||||
| 値 | The author gratefully acknowledges financial support from the JSPS KAKEN Grant(S) 24H00012. | |||||||
| JEL | ||||||||
| 値 | D83 | |||||||
| JEL | ||||||||
| 値 | R21 | |||||||
| JEL | ||||||||
| 値 | R31 | |||||||
| JEL | ||||||||
| 値 | D91 | |||||||
| JEL | ||||||||
| 値 | G51 | |||||||
| JEL | ||||||||
| 値 | R23 | |||||||
